Well, if you were waiting for Visual Basic support before jumping on the Windows Phone 7 bandwagon, guess what? Time to start jumping!
We’ve just released a CTP of Visual Basic support for the final release of the Windows Phone 7 Developer Tools. As with any CTP (community technology preview), you should install this in an environment that you wouldn’t mind paving if necessary, and remember that things can change between a CTP and the final release.
All that said, if you want to get your VB freak flag flying on Windows Phone 7, go get it:
Microsoft® Visual Basic® CTP for Windows® Phone Developer Tools
Windows Phone Developer Tools