In a hybrid bonded mode, Equinix gives you the ability to create and assign shared VLANs to your servers while still being able to provision and use the provisioned default IPs. This is useful for servers that host virtual machines that might need to have a static/public IP address while still also hosting virtual machines that use private addressing. Just like with Layer 3 bonded mode you must leverage LACP to use both NICs--therefore requiring vCenter to be deployed and a virtual Distributed Switch to be created with LACP support enabled.
While you can use any bonded mode without a VDS, there will not be NIC-level redundancy. If there is a switching failure or a NIC failure the host/VMs will be offline that rely on that NIC. The second NIC can only be used in LACP mode--so it will sit unused in standard virtual switch environment.