I've seen this decision only now... the Refactoring feature will be cut off from Visual Basic .NET 2005! 
The decision is announced officially on the Visual Basic .NET Team Blog. Really a bad news...
Seems that the main problem for this cut is the limited time to release the product... I don't agree with this, I think that all the community and VB developers will be more happy to have a complete product some months later than an incomplete product soon. The Sam Gentile's post about this completely respect my opinions.
Why VB.NET must be always a step under C#? I agree with Sam: by cutting Refactory the team has deprived the worthwhile VB.NET community of having a true enterprise language. 
A little "message on the bottle" for the VB.NET team... I don't know what are your schedule for the features of VB.NET, but you've done a big error and caused a big lack on the final product that we're waiting for. I love VB.NET and I hope that errors like this can't be the cause to migrate to other languages... Think about this!