Simon Mein, a wonderful theologian and scholar has written an essay that is a must read. Titled, "Covenants Old and New" it unwraps the paper and reveals the shaky basis on which current conversations are taking place.
He ends his piece with the following:
"Perhaps we might most helpfully see the Anglican Communion as a kind of spiritual analog of the Commonwealth, which emerged, it seems, to perpetuate a shade of the dissolving empire. Having served its purpose, the Commonwealth is hardly seen any longer as a functioning organization; even its symbolic aspects are slowly slipping away. Perhaps the Anglican Communion could discreetly join the cortege? Or, maybe, it already has."
A great read.