You shouldn't have to carry an electronic device, though: a list of codes on paper can work fine. That's how the NemID system works, for example (http://en.wikipedia.org/wiki/NemID): I have a big list of challenge/response codes that I carry in my wallet, and each is used once. I use that one successfully to log into my bank with two-factor authentication, but since I have no cell phone, iPod, iPad, or Android device, I can't use Google's version.
What's weird is that Google even sort of supports the numbers-on-paper approach, but for some reason they limit it to 10 numbers.
edit: Hmm actually thought of a possible solution. Looking into how hard it'd be to port the Google Authenticator to a non-mobile platform so I can run it on my laptop.
edit2: Although it looks like you can't enable the Google Authenticator method without first enabling the SMS method...
You can print out more than 10, but only 10 are valid at any given time. There's a link at the bottom of the page with the codes to generate 10 more. I suspect they do this so people don't print out 1000 only to be using 10 (or less) at any given time.
>edit: Hmm actually thought of a possible solution. Looking into how hard it'd be to port the Google Authenticator to a non-mobile platform so I can run it on my laptop.
Just install an android emulator, e.g. YouWave, and use that virtual android device to run GA.
Although it looks like you can't enable the Google Authenticator method without first enabling the SMS method...
I'm not sure about this (it was a while ago when I installed it), but I know you can install it on a new device after previously having it installed on another device (which disables it on the first device) without an SMS.
What's weird is that Google even sort of supports the numbers-on-paper approach, but for some reason they limit it to 10 numbers.
edit: Hmm actually thought of a possible solution. Looking into how hard it'd be to port the Google Authenticator to a non-mobile platform so I can run it on my laptop.
edit2: Although it looks like you can't enable the Google Authenticator method without first enabling the SMS method...