In a layer 2 bonded mode, Equinix gives you the ability to create and assign shared VLANs to your servers but does not provide any pre-provisioned IPs (public or private) and upon conversion to this mode any assigned IPs will be removed. This is useful for compute environments that do not have any need for public IPs.
Just like with other bonded modes 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 layer 2 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.