Microsoft is not officially "supporting" eVB for CE.NET. Their recommendation for VB developer who want to develop for CE.NET devices is to use VB.NET through Visual Studio 2003 (Codename Everett).
With that said, since there are eVB runtimes built for the ARM processor, if you deploy the ARM runtimes to your device it should run just fine.
We have done some preliminary testing here using 4.0 and it worked fine. Keep in mind that we did not test anything beyond the intrinsic controls, nor did we test heavily - we just dropped the runtimes and an app on the device and noted that it ran.