In a layer 2 unbonded mode, Equinix gives you the ability to create and assign shared VLANs to your servers but does not provide any pre-provisioned IPs (public or private) and upon conversion to this mode any assigned IPs will be removed. This is useful for compute environments that do not have any need for public IPs.
Unlike bonded mode, there is no bond on the NICs, so both can be use independently but in this mode they offer no NIC or switch-level redundancy as they will connected to separate VLANs and networks. Adding the same VLAN to both interfaces in unbonded mode is not allowed. Therefore, this mode is not recommended for environments that have VMs that need highly-available network access.