Yeah it's basically browser fingerprinting (incl. GPU fingerprinting, hence the slowdown) plus google cookie.
If your browser is standard (AKA no anti-fingerprinting plugins) and your advertising cookies are not blocked (privacy or adblocker plugins) you'll probably pass with no issues.
If either of those is not true, you have to solve a bunch of image captchas.
Mouse/keyboard input analysis was just marketing talk; at least when they first released the nocaptcha it wasn't even captured.
(That said, whenever I used that checkbox widget they had before this announcement, there was a noticeable framerate drop in the browser while the thing was doing its magic. So I suspect, they are at least doing some browser fingerprinting/benchmarking to see if the widget runs inside selenium or a stock browser.
I also remember rumors that they analyze keyboard/mouse input on the page and check if it looks "human", but I'm not sure if that's true.)