Yes, ArcGIS Desktop 10 does support Microsoft VBA. However ArcGIS 10 is the last version with VBA support, so we encourage you to start the migration process. Python is an integral part of ArcGIS Desktop for automating tasks and the new add-in capabilities allow developers to easily create and deploy ArcMap customizations.
An important change at version 10 is that VBA is not part of the ArcGIS Desktop install. If you need VBA, you need to install the ArcObjects VBA SDK, which will setup the VBA Runtime, Editor, and Help. Please note that an additional authorization file is required for VBA. This is a no charge license that can be requested from ESRI Customer Service.
For more information on migrating VBA code see help.