After a few prompts to find out if there's anything you want to keep that can't be replaced in the market, it will do its magic -- renaming files to a .bak extension so they are no longer recognized by Android. This will cause some system services to fail and force-close loop until you reboot (and the script reboots for you). Also included is a script that will undo all of this.
If you select every option, including the default launcher and text messaging apps (which are confirmed safe to remove without losing SMS or MMS ability or push notifications), then here's the list of apps removed:
AdService.apk, android-syncservice-app.apk, ArcVideoEditorLite.apk, BackupAssistanceClient.apk, Blockbuster.apk, BlurHome2.apk, BlurSNMessagingEngine.apk, BlurTasks.apk, BlurUpdater_VZW.apk, BooksPhone.apk, CitrixReceiver.apk, CityID.apk, Conversations.apk, DLNA.apk, DlnaSystemService.apk, FriendFeed.apk, gotomeeting-stub-1.0.74.apk, GuidedTours.apk, HelpCenter.apk, IMPresence.apk, IndexingService.apk, Kindle.apk, MessagesWidget.apk, Messaging.apk, MOTOPRINT.apk, MSExchangeService.apk, MyVerizon.apk, NewBayVault_220.127.116.11.Market.apk, NFLMobile.apk, OnlineAlbum.apk, PhotoEditor.apk, PortalStandAlone.apk, Preloaded.apk, RichLocationVzW.apk, SkypeBourbon.apk, Slackerradio.apk, SocialMessaging.apk, SocialShare.apk, StatusWidget.apk, SuggestionsProvider.apk, SuggestionsRuleCheckerCore.apk, SuggestionsServiceScheduler.apk, Swype.apk, ToggleWidgets.apk, UniversalInbox.apk, Upgrader.apk, VCAST_TONES_4_5_7.apk, VCASTMusic.apk, VCASTVideo.apk, VSuiteApp.apk, vzw_vnav_DROID3_rel_PROD_signed.apk, VZWIM.apk, VZWInstaller.apk, WeatherWidget.apk, ZumoCast_1.0.17.apk
Make sure you run these scripts using Script Manager or a comparable app and be sure to enable it to run as root or it won't have permission to make changes to /system/app.
This is version 1 of the scripts -- if any of the apps removed wind up causing problems or more are found, I'll add it to the list. I've tested the scripts back and forth myself and have tested it as much as I can without finding any issues. Also, some apps are removed without asking, such as ZumoCast or VCAST or NFL Mobile. You can find these apps in the market, so there's no point keeping them locked down in system.
Enjoy! Comments are welcome.
UPDATE 9/1/2011: fixed a typo in one of the variables (thanks everyone who reported this), added more options to keep (Swype and Car Dock Voice Commands), split into two versions -- one for the stock 5.5.959 build and 5.6.890 update (late August OTA), added a warning about removing the home screen without a launcher and that it removes the Calendar widget.