Users of the 7048 build claim that removing Internet Explorer does not completely uninstall the application. It deletes the iexplore.exec file, but all related files are left behind. In other words, not much hard drive space is recovered in this staging scheme. Internet Explorer is removed from the Windows Start menu, however, and is not accessible unless it's manually re-enabled.
Other features that can be turned off include Windows Gadget Platform (Windows 7 replacement for Vista's SideBar) services, Windows Media Center and Media Player, Windows DVD Maker, Windows Search, Fax and Scan, XPS viewer/printer services, and handwriting recognition.