Surely the fix from Google would be pretty simple? Just make sure that any and all access to the 'Two Factor Authentication Settings' page required a two factor token. I thought it already did, but I've just tried it and the OP is right, you just need a password.
As far as Google's control extends, I can't think of anything they could implement without flaws that wouldn't be hostile to most of their end users.
If it weren't this flaw, it'd be a "zomg, I can plug a USB key into Alice's computer and install a keylogger".
This is a trivial, routine style of attack and of course it will work against Google's security scheme which is catered towards the everyday Joe and Alice and designed more to protect against phishing.
A better scheme where if you lost your phone, you lose your data forever, would not pass muster with everyday users.
http://www.rodneybeede.com/Protecting_against_MITM_and_sslst...