There are two essays on Episcopal Life Online that are worth the read, giving opposing views on the value and use of the Anglican Covenant.
"Consider facts about proposed covenant, not myths" rector of the Episcopal Church of the Resurrection, Austin, Texas, takes the "con" side.
"Covenant aligns with Episcopal identity." rector of St. Andrew's Episcopal Church, Pittsburgh, Pennsylvania, takes the "pro" side.
Read them both. Bruce Robison is also co-signer of D020, which proposes that General Convention indicate its adherence to the spirit of the Covenant while its final form is being perfected and until we formally vote on it at a future Convention.