Oramai il post lo abbiamo creato, tanto vale completare con un esempio completo:
Presuppongo ci siano altre e valide soluzioni, ma io ho fatto così.
codice:
 Dim m_xmld As XmlDocument
        Dim m_nodelist As XmlNodeList
        Dim m_node As XmlNode

        'Create the XML Document
        m_xmld = New XmlDocument()

        'Load the Xml file
        m_xmld.Load(Application.StartupPath & "\feed\" & "Iacofile" & ".xml")

        'Show all data in your xml
      

        'Get the list of name nodes
        m_nodelist = m_xmld.SelectNodes("/rss/channel/item")

        'Loop through the nodes
        For Each m_node In m_nodelist
            'Get the Gender Attribute Value
            ' Dim genderAttribute = m_node.Attributes.GetNamedItem("version").Value

            'Get the firstName Element Value
            Dim firstNameValue = m_node.ChildNodes.Item(0).InnerText

            'Get the lastName Element Value
            Dim lastNameValue = m_node.ChildNodes.Item(1).InnerText

            'Write Result to the Console
            Me.TextBox3.Text = ("Gender: " & "" & " FirstName: " & firstNameValue & " LastName: " & lastNameValue)
            Console.Write(vbCrLf)
        Next