||At version 10 (previously known as 9.4) VBA is not installed by default. It will be a separate install you can perform if needed and will require a separate (free) authorization file for the editor to work and for the scripts to run. ESRI will still provide technical support for it under the terms of the Product Lifecycle phase "Mature", but we are actively discouraging its use.
More info about the Product Lifecycle and its support levels:
After version 10, there is no official plan yet but I would not recommend anyone counting on it being included with ArcGIS at all. This is simply and unfortunately a reality of Microsoft's position on VBA.
More details at this blog post here, although feel free to substitute "10" for where ever you see the number "9.4":