I disagree. The way it is written, it gives him authority to claim executive privilege on any records at his whim.
I believe he did just this for just about all his educational records, and possibly his BC.
The EO under Bush was more restrictive, in that it restricted what the President could contend was 'executive privilege', while (as you state) the Obama EO is much less 'limiting'.
He fully understands the power of the Presidency. He will abuse the ever loving hell out of it.
The Executive Order in question is well understood by those competent in the subject matter. That's part of the problem here—birthers lack that competence and just go nuts over the most most mundane of things.