I saw this NYT piece thanks to Xeni at Boing Boing. To me, this reads much more like a letter of intent. The executive order and memo share with the recent open government directive (that I discussed on the podcast) a reliance on agency-by-agency implementation. Also mentioned is a requirement for reporting on classification procedures but no real yard stick for positive progress. I worry that too much discretion is still allowed to the agency heads.
Often enough in the past contentious FOIA requests and other appeals for information have been stone walled with concerns over national security. Given the behavior of this administration in the past, I think that is the real bug bear that needs slaying, not as much procedures around classifying and de-classifying documents.