We study the problem of list decoding with focus on the case when we have a list size limited to two. Under this restriction we derive general lower bounds on the maximum possible size of a list-of-2-decodable code. We study the set of correctable error patterns in an attempt to obtain a characterization. For a special family of Reed-Solomon codes - which we identify and name 'class-I codes' - we give a weight-based characterization of the correctable error patterns under list-of-2 decoding. As a tool in this analysis we use the theoretical framework of Sudan's algorithm. The characterization is used in an exact calculation of the probability of transmission error in the symmetric channel when list-of-2 decoding is used. The results from th...