Q:

Visual basic (Of T, or Of V)

When creating classes or other elements in VB.NET, for example : 
Public Class Class1(Of T)

End Class

What does "(Of T )" mean in this code ?

A:

(Of T) is a generic type parameter. It means that you can:

Refer to T in the class code, without knowing the type of T.
Construct instances of class Class1, passing any Type T into it.

This is used to construct classes, that can operate on different types, without knowing the type at compile time. This is, among other things, very useful for collection classes, where you are able to create the collection once (Example: List), and then create a List (Of String) or List(Of DateTime) and so on, for any specific type you might need.
Also, see this MSDN article on generics in VB.NET.

