Let's take a look at them one at a time, beginning with the easiest.

Commencing the Reduction of the Federal Bureaucracy

Purpose.  It is the policy of my Administration to dramatically reduce the size of the Federal Government, while increasing its accountability to the American people.  This order commences a reduction in the elements of the Federal bureaucracy that the President has determined are unnecessary.  Reducing the size of the Federal Government will minimize Government waste and abuse, reduce inflation, and promote American freedom and innovation.

It's definitely a laudable goal. There are very few human endeavors that benefit from the interference of any level of government, from your Homeowner's Association to the federal government.

The order eliminates all but the statutorily required functions of characterizing them as "unnecessary governmental entity[ies]."

the Presidio Trust;
the Inter-American Foundation;
the United States African Development Foundation; and
the United States Institute of Peace.

The important point to keep in mind here is that Trump cannot dissolve these organizations because they were all created by Congress. What he did in the order was to put all efforts to fund them under the supervision of the Office of Management and Budget with the goal being to "effectuate an expected termination."

Federal Executive Boards are dissolved, and I must admit that even after reading about these entities, I'm still unsure what they accomplish in real life. The Presidential Management Fellows Program was terminated. In my opinion, the entire purpose of this program was to recruit highly credentialed activists from the "right" schools and fast-track them to senior executive positions. Several federal advisory commissions were eliminated.

(i) the Administrator of the United States Agency for International Development shall terminate the Advisory Committee on Voluntary Foreign Aid; 
(ii) the Director of the Bureau of Consumer Financial Protection shall terminate the Academic Research Council and the Credit Union Advisory Council;
(iii) the Board of Directors of the Federal Deposit Insurance Corporation shall terminate the Community Bank Advisory Council;
(iv) the Secretary of Health and Human Services shall terminate the Secretary’s Advisory Committee on Long COVID; and
(v) the Administrator of the Centers for Medicare and Medicaid Services shall terminate the Health Equity Advisory Committee.

This is the beginning, not the end, of the process, "Within 30 days of the date of this order, the Assistant to the President for National Security Affairs, the Assistant to the President for Economic Policy, and the Assistant to the President for Domestic Policy shall identify and submit to the President additional unnecessary governmental entities and Federal Advisory Committees that should be terminated on grounds that they are unnecessary."

Ensuring Lawful Governance and Implementing the President's "Department of Government Efficiency" Regulatory Initiative

The preamble to the order tells us:

It is the policy of my Administration to focus the executive branch’s limited enforcement resources on regulations squarely authorized by constitutional Federal statutes, and to commence the deconstruction of the overbearing and burdensome administrative state.  Ending Federal overreach and restoring the constitutional separation of powers is a priority of my Administration.  

Once inside the order, at first blush, maybe even at second, this looks like Trump stomping out an incipient revolt in his own administration.

While the order targets for repeal a ton of regulations that need to go away:

Within 60 days of the date of this order, agency heads shall, in consultation with the Attorney General as appropriate, identify the following classes of regulations:
(i)    unconstitutional regulations and regulations that raise serious constitutional difficulties, such as exceeding the scope of the power vested in the Federal Government by the Constitution;
(ii)   regulations that are based on unlawful delegations of legislative power;
(iii)  regulations that are based on anything other than the best reading of the underlying statutory authority or prohibition;
(iv)   regulations that implicate matters of social, political, or economic significance that are not authorized by clear statutory authority;
(v)    regulations that impose significant costs upon private parties that are not outweighed by public benefits;
(vi)   regulations that harm the national interest by significantly and unjustifiably impeding technological innovation, infrastructure development, disaster response, inflation reduction, research and development, economic development, energy production, land use, and foreign policy objectives; and
(vii)  regulations that impose undue burdens on small business and impede private enterprise and entrepreneurship.

It also repeatedly emphasizes that these decisions must be made in coordination with the DOGE; “'DOGE Team Lead' shall mean the leader of the DOGE Team at each agency as described in Executive Order 14158 of January 20, 2025 (Establishing and Implementing the President’s “Department of Government Efficiency”)." This implies that DOGE was encountering agency resistance to involving it in budget and regulatory review.

We saw one of the first hints of this a few days ago.

🚨 There it is. Removal of all NEPA regulations is coming shortly...

It's an interim final rule, meaning that the administration does not plan on going through notice and comment first.

Here we go! No turning back now... pic.twitter.com/9IOR6vwbBj

— Thomas Hochman (@ThomasHochman) February 17, 2025

I suspect this tells us that the repeal of decades of patently illegal regulation (see part (i) in the quote from the regulation) by the Council on Environmental Quality is about to go into the woodchipper; see Court Vaporizes 50 Years of Environmental Law, Leaving Trump's EPA to Build on the Ashes – RedState.

When combined with the Trump Executive Order requiring the repeal of ten regulations for each new one published in the Federal Register (see Unleashing Prosperity Through Deregulation), we can see the groundwork being laid to eliminate the superfluous government agencies and regulations that have no greater purpose than to aggrandize power to the bureaucracy. Add that to the concerted legal attack on the Administrative State (Trump Declares War on the Administrative State), and Trump could very well end up having rolled back a century of our descent from a constitutional republic into a being held in serfdom by an unelected, responsive, and uncaring bureaucracy.