> "Illegal content means any information which is not in compliance with Union law or the law of a Member State [...]"

The "law of a Member State" part is very concerning. If it's enough that content is illegal in one member state to have it taken down in the whole EU, very tough times lying ahead.

The first two things which came to my mind were the new Polish holocaust law and the current prosecution of various symbols of Kurdish groups (e.g. flags of YPG) in Germany.

Say goodbye to free speech.