Looks good...
Passwords are over-rated... no one bothers to have complex passwords, and invites hackers, since no one can remember them... They write them down, loose them, or share them with their friends who in turn passes it round behind their back and using same password as a simple Google password on other sites is a big "no no" ...
This looks better as all u need is a mobile phone, (hopefully we all have one of those)
This is like Google's 2-Step, without the password part. and probably proves what i thought...
Although its a "extra" layer.. this new system just proves, when u have 2-step, a password is not needed anyway since it gains no extra 'security', since your mobile phone is *more* secure.
It's interesting we all think something is promoted as "extra security" with 2-step, then something else comes out with wipes the previous the need for a password...
Just eliminate the "middle man" Google should have not done 2-step, and gone straight to this.