Do you use GA, and do you like it?
It's just a necessary part of the two step verification. It's supposed to only require me to re-sign-in every 30 days on the same computer, but inititally each time I sign in on a different computer. Easy to use.
Coincidentally, at the same time I was setting up the two-step verification, Google was having problems with passwords related to Picasa, and I kept getting notices from Picasa to re-enter my password. I thought the problem was on my end and it was driving me nuts. I later saw a notice put out by the Picasa Tool app indicating the problem was on Google's end.
It doesn't appear that anyone hacked my gmail account, but I did get notices in the beginning of April that there was suspicious activity on my gmail account from an unknown IP address. I realized the serious implications if someone did gain access to my account and set up the two-step verification process. Although I can't imagine how someone could ever guess my complex password (and how anyone would be allowed enough attempts to try an infinite number of combinations), it's nice to know that if I ever got some malware on my computer that compromised my password, the two-step verification will still keep the account secure.