As a matter of fact, I will go one step farther. I challenge anyone at MS to make that justification here and now. Why is "My" a needed feature, and if it's needed, why is it not needed in any other language than VB? Why is it "more" necessary than other features that have already been cut out of the VS 2005 release due to time/resource constraints?
For justification, I'd refer you back to Duncan's article. (See the link at the top of this thread.) He's summarized it pretty well. For what it's worth, almost every VB developer that I've talked to, including those who use both VB and C#, is really excited about the My object. I think a big part of this is because of the way that we've built the feature: we're not trying to hide the framework, just make it easier for you to get the most out of it. It's pretty hard to use a framework function if you don't even know that it exists.
I think your "why is it not needed in any other language" question is a good one. We've heard from a lot of developers that they really like the fact that C# and VB are so similar, and that it's easy to switch back and forth. We're not going to back away from that, and Whidbey demonstrates that pretty clearly. Big enabling features like generics are in both VB and C#. Each team has it's own priorities, though, so it's unlikely to see us both always doing exactly the same things at exactly the same time.