Many interfaces (indeed the majority) have two or more microphone (XLR) inputs so you can record more than one thing at a time--for example one mic on your voice and one on an acoustic guitar. Or, with two mics, you could record an acoustic guitar in stereo.
So long as you don't need to record two mics at a time, it's not a problem for you--just something to consider for the future. Outside India, the next model, the M Audio Mobile Pre has two mic inputs and is only $30 more so many buy it. For you, I suppost that $30 difference could be $60 more or worse.
As for the rest, he's just explaining what I (and several others) have tried to do before. Basically, the mic inputs (XLR inputs) on interfaces go into a thing called a microphone pre amplifier to raise the level before the signal is converted to digital for your computer. Although it claims to be a two channel device, the Fast Track II only has one pre-amplifier; the second input is for things like electric guitars which don't need the pre amp.
Finally, yes, the Fast Track II provides phantom power (48 vollts) if you decide to buy a condenser mic in the future.