Copying Account, Apps & Data from old phone

[pseudoware]

I'm given this option when setting up my 6P. Can someone tell me about this? Does it also copy settings? Like on my email app, I've got 4 accounts set up. Will it copy all that. What about Authenticator? Will it copy those accounts, or just install the app?

I've always used Titanium Backup, but I don't plan on rooting, for now anyways. Thanks.