Evernote's login form works like this:
When you go to their website, there is no login form. There only is a form for registering. If you enter your login credentials into that form, it won't log you in. You have to press the "Log in" just to be taken to the login form. You are then taken to a new page where you have to enter just your username. Not your password yet.
After entering your username, you have to press "Continue", just to be able to enter your password into the same (then extended) form:
After you did that, you finally can hit "Sign in".
As Evernote is pretty big in the business of note-taking cloud services, you'd expect them to have figured out basic stuff like how to provide a comfortable way to log in. Not one that feels like it takes hours to use, has pointless animations, and makes using password managers a pain in the ass.
What are the pros of this kind of UI design? Am I simply overlooking the good sides?