Phase 2 DMVPN in a nutshell:

• Multipoint GRE tunnels on all routers.
• NHRP is used for dynamic spoke registrations (like with Phase 1 DMVPN), but also for on-demand resolution of spoke transport addresses.
• Traffic between the spokes initially flows through the hub router until NHRP resolves the remote spoke transport IP address and IKE establishes the IPSec session with it.
• The IP next-hop address for any prefix reachable over DMVPN must be the egress router (hub or spoke). From the routing perspective, Phase 2 DMVPN subnet should behave like a LAN.
• Multicast packets (including routing protocol hello packets and routing updates) are exchanged only between the hub and the spoke routers.
• Routing adjacencies are established only between the hub and the spoke routers unless you use statically configured neighbors.

For more details watch the DMVPN webinar webinar.