I had been waiting ages for my N900 directly from VF as I was due an upgrade. They said early Feb for stock/delivery over the phone but a few stores had 1 in stock. For some amazing reason, my local store had 2 and I was promised the same upgrade deal so I got it Tuesday. Once the first update was available, I noticed the 205 / 203 issue.... Anyway, there seems to be no VF branding at all.
What makes me laugh more now, in thinking about it, I was given 1 month free VF music store access, VF TV package and a couple of other VF things that I used a lot on my N95 8gb. However, on my N900, there is no direct way, or icon or anything to get to the TV. Not even a web bookmark!
However, that being said, it woould not update and I was starting to get a lot of reboots! I flashed the version to 203 and updated easily. The following day, I got the large update and everthing seems to be running ok so far!
But overall, there seems to be no difference at all in VF's 205 other than no updates!!