Pleased with Allah?

"Radhina biLLahi Rabba(n), Wa bil'islaami dheena(n), Wa bi'Muhammadin Sallalahu 'alaihi wasallama nabiyya(n), Hasbiya Allah, La ilaaha illa huwa 'alaihi tawakkaltu, Wa huwa rabbul 'Arshil 'azeem"

Above is one of the morning and evening Zikrs ( remembrances / recitations) taught by our beloved Prophet Muhammad (s.a.w). This is one little Zikr that emcompasses all your faith and depth of it, if your heart humbles and recites this with full belief of what you recite.

How many look deep into the meaning as he/she recites this?

I am pleased with Allah as Lord -
This means you are pleased with Allah, while believing he is the Lord and He has all the power, absolute power, over all the things.  This also means you are pleased with all His decrees, and thus have no complaints whatever happens to you or around you.
Thus this statement ascertains to your self, that you have absolute faith in Allah, whatever life brings, and it also ascertains you have the needed patience and perseverance at time of trials and gratefulness and thankfulness in times of ease/happiness.

I am pleased with Islam as Religion.
This is a statement saying you are absolutely pleased with Islam as a way of life and ALL its teachings. You are ready to follow it completely, without reservation to any part of its teachings.

I am pleased with Muhammad (s.a.w) as Prophet -
You must have absolute love the man, who had enlightened the world with Allah's message. This part states that you are pleased with him ( Muhammad (s.a.w)) as the Prophet, meaning you are thankful to him and take him in high regard. It also means you are pleased to follow his established traditions ( sunnah ). It also means you take him as a Prophet, nothing more. ( That is you don't take him to be God, demigod or part of God as Christian take Jesus to be). But this means you are pleased with Muhammad (s.a.w), his Makarimal-Akhlaq (Noblest Discipline) and his message.

Allah is sufficient for me. There is no God but He and I have placed my trust in Him. And He is the Lord of the Exalted Throne.

This is one of the Pinnacles of faith. This is also one of the requirement of belief of Tawheed (Oneness of Allah).  The Faithful have complete faith in Allah and the faithful Believer, entrust all his affairs to Allah. Such a person shall never despair in the hardest of adversities and also will never drown in the lusts and comforts of life. This Zikr reminds us to be such a man/woman and/or ascertains you, you are such a man/woman.

So as you read this Zikr, morning and evening, with its full deep meaning, you are transforming your self and soul instilling these beliefs, reminding your forgetful self, thus increasing your belief. At the same time Allah is listening to you as you recite and remind yourself about you being pleased with Him, His religion, His Messenger and trust in Him. Thus, this bring you close to Allah, and Allah close to you, accepting your prayers, InSha Allah.