If you open a .vbproj in notepad, you will see it appear as XML. But, the think I like is that instead of project groups, you have solutions. Project groups always seemed to give me a bit of trouble.
This basically explains it all:
But by far, the most immediate advantage you will see are the ready-to use rich library. There are many things that would have required Win API that are built in now. GDI+ is right there. It is very easy to draw nice 2-D graphics on the screen.
The IDE is simpler to use. For example, instead of typing your property Get and Let, you can just type "Public Property Value As String." The IDE will format the Get and Set parts for you.
In UserControls, the properties will automattically save. You don't have to use PropBag.
But speaking of Controls, Inheritance is a key feature. If you have a commonly used Windows Forms Control, or any class for the matter, you can create a class to inherit from it, and add functionality. It's a much cleaner approach in my opinion than say, adding a text box to a user control, when you only want a custom text box.