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I've been a Barclays on-line bank user for many years and think their 2-factor system is excellent.  I have far too many passwords to remember and on-line banking is the one you really do not want to be the same as all the others.  Barclays clearly did listen to their customers as I only have to authenticate again for a new payment and not one that has been set-up previously.

Just look at The Netherlands - it's worked fine for them for much longer and they do not have the same level of phishing issues we have.  The sooner the banks roll this out to everyone the better (and the phishers can stop spamming the UK and focus on the next weakest country).

Also, if/when the UK banks launch a new payment system like iDEAL, giropay, SVP, etc they will need this level of authentication to secure the transaction.