So it uses device id or something like that as password. What an "innovation". My bank app does that already for auto-pin.

I don't see the problem with it. I mean if your phone is stolen and you don't have a lockscreen, all your google info is available to the thief anyway. If you do have a lockscreen, then I would argue that your more secure than having a password.

Agree with Morbias, seems like a lot of hassle! It takes like 10 seconds to type in a password!

That ultimately depends on how long/complex your password is if you have a complex password it can be a pain in the ass to type it in manually, although I'd assume something like Keypass/whatever have mobile apps that work in a simular way.