"Apple is introducing a revamped two-factor authentication system, according to both the beta release notes and a detailed support FAQ that outlines the changes.
The new two-factor authentication system is different from Apple's existing two-step verification system, using "different methods" to trust devices and deliver verification codes. Apple also says it includes a "more streamlined user experience."
Based on the support document, the new two-factor authentication system works similarly to the existing two-step verification system. Any device that you sign into using two-factor authentication in iOS 9 or El Capitan becomes a trusted device that can be used to verify identify when signing into other devices or services linked to an Apple ID."
Apple FAQ - Two Factor Authentication for iOS 9 and OS X El Capitan
https://developer.apple.com/support/two-factor-authentication/
The new two-factor authentication system is different from Apple's existing two-step verification system, using "different methods" to trust devices and deliver verification codes. Apple also says it includes a "more streamlined user experience."
Based on the support document, the new two-factor authentication system works similarly to the existing two-step verification system. Any device that you sign into using two-factor authentication in iOS 9 or El Capitan becomes a trusted device that can be used to verify identify when signing into other devices or services linked to an Apple ID."
Update: An Apple spokesperson told Macworld that the troublesome recovery key feature that has caused people to lose their Apple ID accounts in the past has been removed in the new two-factor authentication system.
Apple FAQ - Two Factor Authentication for iOS 9 and OS X El Capitan
https://developer.apple.com/support/two-factor-authentication/