At ExpressJet here is the procedure (if I remember correctly).
Normall callouts on takeoff are made: "set thrust, thrust set, 80 kts, etc...).
At V1 the captain removes his or her right hand from the thrust levers. At Vr the aircraft rotates (it's pretty close to V1, sometimes the same speed too). V2
is the speed the aircraft initially accelerates to, and is trimmed for V2
in the event of an engine failure, but the pilots want V2
+15 for that margin FredT mentioned.
Every runway has an acceleration height that's been published in the runway analysis charts book carried on board. If the aircraft has not reached V2
+15 and is at acceleration height, the aircraft must level off and accelerate to V2
+15. If it is at V2
+15 before acceleration height, great. I believe this is the speed that the flaps are retracted too.
The next speed is Vfs (final segment speed). At this speed the pilot flying calls for the PNF to "set climb" (the engine thrust rating), then to set the vertical speed mode (FLC or 200 kts, depending on the airspace and departure direction), and perform the after takeoff checks (engine bleeds open, shut the APU down). FLC will climb the aircraft at 240 kts until 10,000 feet, and I believe this is the normal speed to climb out at.
The power is reduced after takeoff, but the aircraft doesn't slow down, it speeds up and just like FredT said, it stops accelerating.
[Edited 2005-03-13 02:34:50]