I think the statement is very ambiguous. They're not "stepping down" as so many say above - with all that implies such as no royal duties, no funding of any kind from the taxpayer.
The statement says "carve out a progressive new role "within" this institution". It also says "continuing to fully support Her Majesty". That begs the question, in what way? Selective royal duties?
The statement also says "continuing to honour our duty to The Queen, The Commonwealth and our patronages". So again are they going to choose plum duties to do?
In four years time presumably Archie will need a school to go to. How is this "geographic balance" of presumably living in the UK and US going to help with that?
So they're launching a new charitable entity while also working to become "financially independent". So that implies commercial work to fund themselves while at the same time running a charity, probably like the Bill and Melinda Gates Foundation, so why all the mentions of still doing their duty for the Queen and continuing to collaborate with the Queen, PC and PW? It really sounds like having their cake and eating it.
They should either opt out or opt in. Opt out means giving up Frogmore etc, all the titles, all the financial priviledges if you want to be financially independent. Why on earth should they be HRH if they're not in the royal family? He should be titled from now on "Harry, former Prince of the UK" and his wife Meghan. If she's an ardent feminist why doesn't she go back to her maiden name? They won't be giving up all the nice bits for sure. I think Meghan sees her financial future in the US - hobnobbing with the Gates, the Obamas, Ellen, Oprah then flying back for Wimbledon and the odd state function.