What surprised me at PDC was to hear the CLR language architect guys spend an entire session talking about how much better VB.NET was than the other language options because of it's wide range of capabilities. They basically said that C# requires a more strict programming model. For example, all types must be known beforehand (during compile-time) and that it takes quite a bit of coding to deal with types that you do not know about until run-time.
VB.NET, on the other hand, can be written as strict as C# if you want to do that, or as loosely as VBScript or other scripting languages like PERL. I think this is a big benefit, especially for web applications. I enjoy having the ability to bounce back and forth between very strict and less strict techniques without having to think about it too much.
It also sounded like the future of VB.NET will continue to span the spectrum wider and wider... allowing more strict and more loose techniques.
So, you may be losing some capabilities in C#, but most likely they are not the capabilities you would miss in most ASP.NET applications... and they may be provided in future VB.NET releases anyway.