Microsoft's motives here aren't entirely related to bloat reduction, since by leaving out these applications they can push their own utilities linked to the Windows Live service. There's no guarantee that users will choose Windows Live, though; they might go to Flickr, GMail, or other non-Microsoft cloud services instead. The good news is that it is the user's choice. Whatever users pick, they won't have bundled-but-unused Windows applications cluttering up the drive.
Of course, knocking out a few nonessential applications doesn't guarantee that the overall size of Windows 7 will be smaller. Microsoft needs to attack not just the trimmings of the operating system, but also the main course. Vista can't fit onto small notebooks, and Microsoft has had to keep XP on life support in order to offer something there. Some version of Windows 7 needs to run on these tiny systems, which are increasingly popular and don't seem like they're going away.