Yes, it is working and its really good!
Grab the latest VMC driver/software for Linux here. If you are using Ubuntu, download the deb package. Just double click to install the package.
Once installed open the VMC software via Applications->Internet->Vodafone Mobile Connnect Card driver for Linux
Below are the screenshots step by step,
1) The initial setup would start
2) You should see that it has detected Vodem
3) Once you click OK, you will be given the configuration window
4) And once you do that, you can Connect and Disconnect, hurray !
It also stays in the system tray and you can set that in the application's Preferences too
Atlast, Vodem in Linux! Thats really really nice! Am happy that I am able to use it in my Ubuntu!