ISA replacement for Exchange services?

Hi,

Talked to a customer today that still uses ISA server for publishing OWA and ActiveSync for their Exchange 2010 environment.

Is Web Application Proxy within Windows Server 2012 R2 a good replacement?

Not that familiar with the ISA/TMG but is it using pre-auth meaning that the requests from the browser or mobile devices does not hit the Exchange CAS directly but instead is opened on the reverse proxy and then a new connection is made to the CAS?

What are the pros and cons? 

Do one need any other services for OWA/HTTPS and ActiveSync/HTTPS to work? AD FS a requirement?

Multi-factor authentication is not a requirement.