We had known about this for a while and are very excited about it finally being rolled out in the next few days.
Let's make sure we understand how to set it up before turning it on. But after that our Google devices/applications will be safer from hacking. It will be worth it for those of us who use Google Applications on a regular basis. You are only required to do verification once and password authentication check every 30 days if you so choose.
And if you have an Android phone you can also scan the verification code! Cool!
Small price to pay for security.
Getting Started with 2 step verification
Intro on Google's Blog
Best practices to stay safe online
Google's Safety Blog