This does not combat against someone hacking your account... blizzard has said that this is simply a backup for the actual authenticator. I asked about using this method for five accounts and they said that it did not protect against keyloggers, spyware etc etc like the hardware authenticator. If someone accesses anything from your computer then you are SOL.
Example: you get a trojan/virus... they open your computer into an SSH based proxy and proxy into WoW and empty your account... it's already happened to a few people and was discussed on the official forums.
As a multi-boxer you can ask for authenticators in order to seperate your accounts to new e-mails and they will send them to you. Yes it makes your keychain huge but it does have it's benifits especially if you only play from a single location. They sent me a few and explained that it was up to me what i did with them and if i wanted to make 5 seperate battle.net accounts to just call back. I disabled my mobile one and just added two of them to the accounts i already have and it takes me less than a minuet to log in... so theres no reason for me to do that.
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