Visual Studio 2010 Release Candidate (RC) is now available for download. If you’re MSDN subscriber, you can start to download as it has been available 8 Feb 2010. It will be available for public from 10 Feb 2010.
http://msdn.microsoft.com/en-us/vstudio/dd582936.aspx
This RC doesn’t support Silverlight 4.

But of course it doesn’t mean that Visual Studio 2010 RTM will not, it will.
See you at Visual Studio 2010 RTM, Silverlight 4…
Edit: Based on the following ScottGu's post, the next version of Silverlight 4 will be supported by VS 2010 RC (note that currently Silverlight 4 still BETA)
http://weblogs.asp.net/scottgu/archive/2010/02/08/vs-2010-net-4-release-candidate.aspx

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Silverlight, Visual Studio
visual studio 2010, silverlight 4