This is still nothing more than a password...it's essentially just a password that is emailed to you. I've never understood why we can't instead authenticate ourselves to our browser or device, and get people out of the habit of authenticating to individual websites. This would eliminate phishing and greatly enhance security. Touch ID is a big step in this direction, but still can't be used for websites.
When authenticating, the browser could just send the user's public key, and if a user with that key is in the system, it replies with a session key encrypted with the user's public key. If browser companies would get their act together, we wouldn't have as many authentication issues as we do today.