Microsoft announced that "We're giving VB developers early access to the Windows Phone 7 platform so that they can start thinking about what amazing apps they want to build."
You can now download the Visual Basic CTP for Windows Phone Developer Tools. Provided in this download are all the templates, designer support, emulator (and phone!) support and IntelliSense for Visual Basic.
A couple of important caveats:
This's a CTP, which means we want to give you early access, and are hoping to solicit feedback, but this isn't a final implementation, and you shouldn't expect anything you built to be commercial ready.
There's no Go-Live license, which means you shouldn't try to release apps built with this version of technology.
You need to be a Visual Studio 2010 Professional (or higher) customer. So if you only have Express edition of Windows Phone Developer Tools, you cannot use this version of the CTP.
You cannot build XNA games. Silverlight apps only.
More Info: Download