The select list cannot always be evaluated last because the ORDER BY can use aliases that are defined in the select list so they must be executed afterwards. For example:
SELECT foo+bar foobar FROM table1 ORDER BY foobar
I'd say that in general the order of execution could be something like this:
- FROM
- WHERE
- GROUP BY
- SELECT
- HAVING
- ORDER BY
The GROUP BY and the WHERE clauses could be swapped without changing the result, as could the HAVING and ORDER BY.
In reality things are more complex because the database can reorder the execution according to different execution plans. As long as the result remains the same it doesn't matter in what order it is executed.
Note also that if an index is chosen for the ORDER BY clause the rows could already be in the correct order when they are read from disk. In this case the ORDER BY clause isn't really executed at all.