The premise of SlickLogin is actually pretty slick, as the title implies: users looking to login to a site on their PC would have their PC emit a sound that only one's phone could hear. That phone could act as the authentication method. The technology was born and perfected in Israel, and now Google will be swooping it up before it has a chance to be licensed out elsewhere.
Google has been watching the privacy space quite closely, and it's obviously looking out for Android's future with this purchase. It's not far-fetched to think that future Android phones supported an audio-based authentication method, but there's no present time table as to when (or if) this will happen.
At this point, it's just a matter of time before the major mobile players adopt more serious ways to login and keep data safe. The hackers aren't going to stop, and consumers are only going to grow increasingly concerned.