This is definitely a great thing for VB.NET developers, and highlights how our strong developer partner community helps to improve the developer experience.  Per the download page:

Refactor! for Visual Basic 2005 Beta 2 is a free plug-in from Developer Express Inc., in partnership with Microsoft, that enables Visual Basic developers to simplify and re-structure source code inside of Visual Studio 2005, making it easier to read and less costly to maintain. Refactor! supports more than 15 individual refactoring features, including operations like Reorder Parameters, Extract Method, Encapsulate Field and Create Overload.

Why Developer Express?

At Microsoft we heard your feedback when we announced that refactoring support would be cut from Visual Basic before the 2005 release. This was a difficult choice to make but it was not possible to finish work on refactoring along with the numerous other goals and projects for the 2005 release. Because of this Microsoft choose to partner with Developer Express Inc., a Visual Studio Integration Partner, to ensure that a refactoring tool would be available for Visual Basic developers and would have the features and functionality that we felt would most benefit you.

We feel that Refactor! is a product that integrates very well with Visual Studio and provides an experience that will be intuitive and powerful for Visual Basic users.

For more information about this partnership be sure and read Rob Copeland's blog.