Thoughts on Blockstream's 2FA Protected accounts?

I'm wondering what people think about Blockstream's 2FA Protected (formerly "Multisig Shield") accounts.

It's basically a 2-of-2 multisig setup where Blockstream holds one of the keys, secured by two-factor authentication. There's a timelock set on the funds, during which 2FA is required to spend them. Once the timelock period expires, you have to do a "redeposit" to keep them 2FA protected.

It seems like an easy way to have a basic multisig setup, but I'm curious what others think about it.