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You are correct, there are two kinds of tags that can be used.
You can use [highlight=vb]your code goes in here[/highlight] or you can use [code]your code goes here[/code].
An Example of Highlight
vb Code:
Private Sub Command1_Click()
Dim strHack As String
strHack = "VBF Guy"
Msgbox strHack
End Sub
Using Code Tags
Code:
Private Sub Command1_Click()
Dim strHack As String
strHack = "VBF Guy"
Msgbox strHack
End Sub
There are issues with the Highlight tags that we need to get worked out so by in large, most folks use the Code Tags.