The Archbishop of Canterbury in his second presidential address to the Lambeth Conference challenged people to think of "a new and transformed relation of communion in Christ." My sense of the proposed Anglican Covenant is that it fails the transformation test. It is an attempt to make communion be about union in a formal sense, not about common practice of care and friendship.
I have written a simple alternative Anglican Covenant, obviously a draft. Several friends have thought it worth further consideration. ( An earlier form of this was posted on Preludium and was posted also on Anglican Communion Redux.) It consists of three paragraphs, the first concerning our pledge to common prayer, action and respect, the second to common ministry and sacramental life, the third to working always for the highest level of communion possible.
Here it is:
A Covenant among Autonomous Anglican Churches:
"In as much as God has seen fit to encourage friendship and fellowship among the churches whose understanding of the faith, the scripture, the sacraments and the common life of prayer and church governance was formed from the experience of the Church of England, we the undersigned pledge, in so far as we are able, to constant prayer for one another, to companionship in mission and evangelism, and to hold each other in mutual regard.
We pledge to honor the baptism of persons from every church so pledged, to accept ministers of the Gospel from any of our churches in so far as our own canons permit, and to extend sacramental ministry to members of every church so pledged provided they follow the godly counsel of the church in which they participate as regards preparation for reception of sacramental ministry.
We acknowledge that divisions exist among the various Christian Churches including those who will enter this covenant. We believe that all pledges of full communion are limited by the realities of these divisions and therefore pledge to continually maintain the highest level of communion possible and to work constantly for greater understanding of the work each church is called by God to undertake."
Perhaps it's a start.