If visual basic is one of the basic languages you know, then you'll understand the syntax of vb.net although learning the sytax of c#.net isn't that hard, and is probably easier if you have a c, C++, java, or javascript background.
Before making your decision though, browse the forums at www.asp.net and maybe pick up webmatrix, the free .net ide and try both languages.
At www.asp.net, they have starter kits in both vb and C# for some decent applications. One thing I've noticed is that the advanced mods for the starter kits tend to be done in C# rather than VB. An example is the CommunityStarterKit. two groups took it and ran with it to produce enhanced portals - DotNetNuke (which is a combo of the CSK and another demo app called IBuySpy Portal) and GotCommunityNet. Neither of those were done in VB - C# only.
You may also want to consider that Visual Studio/.NET also supports C++.net althought the only "single Language" cheaper versions I've seen are for vb anf c#. Boreland also has a free IDE for C#.
IIRC, the next release of .net (2.0), and Visual Studio (2005) is sometime around September. MS is claimg code reduction of up to 70%. YMMV depending upon your language and I think the 70% applies to vb. Other languages should still see a good size reduction though.
One of the problems with simplifying is that you run into more restrictions on what you can/cannot do. Usually there's some sort of work around that requires more detailed knowledge of the language/enviroment foundation. I don't know if what you learn in .net today provides that background for the future. It seems that a lot of the simplification examples I've seen are due to new classes rather than simplifying existing classes.