EDIT: Thank you Shodokan. I found the post helpful and interesting. Definitely a lot of work here. /kudos
just a note about what I had and what finally made me get an actual authenticator instead of the mobile app.
This may or may not apply to what Shodokan posted but I think it is useful..
If you have a mobile authenticator on your phone and wipe out the phone (or reinstall) and choose not to restore your previous applications... when you get the battle.net authenticator again (not from your backup but from itunes or the marketplace) the key will be different and you will not have access to your accounts. You'll have to petition blizzard to remove your authenticator so you can access your accounts (fax or email in photo ID and some other information to verify you are the account owner).
So only use this method if you are going to backup and/or have this available in case of a hard drive failure or phone failure. If you don't have a backup you won't get to your accounts. I know this from experience and I was bummed to not have my accounts for two weeks.
The behavior would be exactly like losing your physical authenticator... so just be sure you backup your phone or mobile app stuff in case of failure.
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