Apparently one of the most requested developer features, Microsoft has made available a Community Technology Preview which allows Silverlight development for Windows phone 7 using the Visual Basic Language.
The tool requires Windows 7 or Vista and one need the final version of the Windows Phone 7 developer tools and also to have Visual Studio 2010 Professional, Premium or Ultimate already installed.
The software does not unfortunately support XNA game development at this time, and also does not integrate with Expression Blend for Windows Phone, but it is likely Visual Basic developers are not too concerned with these features.
What it would allow however is the rapid porting of many enterprise applications developed in this language to Microsoftâ€™s new platform.
Read more about the tool and download it at Microsoft here.