This, to me, is one of his best EOs. He actually left it up to each agency on what regulations they want to eliminate to compensate for the new one. In the short term, that can lead to a couple of piddly regs going away for an invasive one, but as time goes on, that will be harder for them to do. It will also keep loads of "bee sting" regs from being created.
I understand the WH still gets final consult, so that should help reduce the "two little regs for one big honkin' reg" thing.