Oh, ok. That makes sense. Almost anyway.

Not sure where the funds get sent to in this transaction. There doesn't appear to be any setting for a return address.

Also not sure why you need to run special code to redeem the transaction. Guessing this might be somehow related to the previous point, in the previous paragraph.

So all outgoing transactions from GreenAddress get signed by two signatures, right? If so, what is this "Instant Confirmation" checkbox for when making outgoing transactions?

Also assuming that GreenAddress must keep copies of both private keys, the passphrase looks to short to have an encoded private key, and yet that appears to be all I require to gain access to my account. If so, am a bit unclear how this is any better then having them hold just one private key.