After reading up on the new version 6 of Virtual Earth SDK and playing with the interactive version of the SDK I was ready to go.  No API key to apply for (something you have to do with Google Maps API), just code and go.  Loading a map is pretty easy to do:

          var LA = new VELatLong(34.0540, -118.2370);

          function GetMap()
         {
            map = new VEMap('myMap');
            map.LoadMap(LA, 14, VEMapStyle.Road, false, VEMapMode.Mode2D, true, 1);
         }

Add the GetMap() to the body onload, create a div called 'myMap' and it loads right up.

Now, onto the fun stuff - where I've been with my GPS.

I had also experimented with Virtual Earth a while ago.  What I wanted to do was use Google Earth to easily place/name/link certain points on a map, and then use Virtual Earth to display them.  When I tried this (Virtual Earth version 5 I think), there was no support for KML.  Then I saw this: http://blogs.msdn.com/publicsector/archive/2007/12/27/virtual-earth-map-control-now-supports-kml.aspx .  Very cool.  Good for interoperability, good for development, good for me.  I now have a project in mind - mapping bike trails, hikes, and geocaches using Virtual Earth, my GPS, Google Earth to create the KML files easily - all easily available on the web.