You may have seen the announcement earlier today about the upcoming Visual Basic CTP for the Windows Phone Developer Tools. This Community Technical Preview is an opportunity for developers to get an early preview of the Silverlight app-building experience for Windows Phone 7 using Visual Basic.
To clarify, this Visual Basic CTP is for Silverlight only - it is not compatible with XNA Game Studio.
If you would like to take this CTP for a spin and try your hand at Silverlight app development on Windows Phone 7 with Visual Basic, please note that you'll need Visual Studio 2010 Professional or higher (a free trial is available) - not the Express edition - and have the latest Windows Phone Developer Tools installed.
At this time, we are not announcing any future plans for Visual Basic support in XNA Game Studio. As always, if we have news to report, we'll share it with you on the XNA Creators Club Online website at http://creators.xna.com.