The Church Times of London has produced a very good and helpful (imho) document discussing the relative merits and weaknesses of the Anglican Covenant. It offers many sides of the debate, from thoughtful people across the spectrum, or at least the visible wavelengths.
(It is a fairly slow download, so be patient. I had trouble reaching it in Firefox and so bowed the knee to Gates and switched to Internet Explorer just for this.)
The last section is an "annotated" Covenant that looks vaguely Talmudic, which appeals to me!
Tobias Stanislas Haller BSG