Derik Hammer walks through the new SQL Server Basic Installer:
When using the Basic Installer only the database engine and SQL Client Connectivity SDK are installed. I find this better than using the advanced installer’s Install with all defaults option. Typically any local user will not need Reporting Services, Integration Services, Analysis Services, or any other feature available.
I was a bit concerned about this when it was first announced—the default installer already allows you to make too many poor decisions—but I think it works within the use case Derik describes: developers installing a local edition on their dev boxes.