The application is pretty simple. When you start it you are presented with a list of the Bloat that the application recognizes. Each item in the list has a checkbox that indicates whether it is enabled or not. To disable bloat you just uncheck the boxes next to what you don't want and then press the Apply button that appears at the bottom of the screen. You can save what you have disabled as a profile by pressing the options button and then choosing Save Profile. This is convenient because you are going to need to turn all of this bloat back on if you want to receive updates. If you have saved a profile and a new update becomes available you can launch Bloat Manager, press the options button, choose Enable All and then click Apply to get your phone ready for the update. After the update installs you can launch Bloat Manager, press the options button, choose Load Profile and then click Apply to turn the bloat back off.
The following applications can be toggled on or off using Bloat Manager:
Amazon MP3 /system/app/amazonmp3_1_8_14_signed_zipaligned_Signed_2010-09-09_15-23-51.apk
City ID /system/app/CityID.apk
Friend Feed /system/app/FriendFeed.apk
My Net /system/app/Mynet.apk
My Verizon /system/app/MyVerizon.apk
News Widget /system/app/NewsWidget.apk
Performance Manager /system/app/PerformanceManager.apk
Social Messaging /system/app/SocialMessaging.apk
Social Share /system/app/SocialShare.apk
Visual Voice Mail /system/app/Vvm.apk
Weather Widget /system/app/WeatherWidget.apk
World Clock Widget /system/app/WorldClockWidget.apk
When you disable an application using Bloat Manager it simply renames it to .bak. When you re-enable an application it is renamed back to .apk.
Bloat Manager remounts your /system partition as writable in order to make changes to applications. I came up with this list based on what other people have had success with removing, but I have not personally turned off everything on the list. Changing things in your system partition is always dangerous so please be careful.