Artinsoft (Now renamed to Mobilize.Net) does just this, especifically the Visual Basic Upgrade Companion.
However, even after using the VBUC there's still some parts that of the system that needs to be migrated/proofed by hand. But it's usually a much smaller set of the original problem. And some of the migration issues have been resolved thanks to experience with past migrations.
Artinsoft is the same company that built the wizard that ships with Visual Studio, mentioned in theraccoonbear's post. However, if I'm not mistake the wizard only migrates VB6 to VB.Net.
Full disclosure: I work for Artinsoft