The proposed Covenant will not come into force in the Anglican Communion. Wales has said no, and so will many other provinces. This particular brand of innovation will not be welcomed by Anglicans, except for those who see this as an opportunity to further their takeover agenda. This is what got reported: "Dr Barry Morgan, the Archbishop of Wales said he fears the draft covenant will lead to one voice on controversial issues, such as homosexuality, which members would have to sign up to or leave." In other words, we are not, nor do we wish to be, a confessional church.
Some people don't like that, and those are the folks who are setting up their dissident Communion in Pittsburgh later this month. Of course, the problem is that those who favor litmus tests usually can't agree for very long on what matters. That's why we have a proliferation of parallel jurisdictions in place now, and it's why there's an ever-increasing number of "continuing" churches.
Here's the thing. For those who take catholicity seriously, two things become clear. First, I may not innovate without a good reason (and without consequences). Second, I will be willing to accept variance on non-essentials, because I accept that notion that the Church is for everyone, not just for those who agree with me. What we have here is not, primarily, a battle over bible-versus-culture. Instead, much of our struggle is catholic-or-confessional. And, to be fair, many so-called progressives have secularized the church to the point where it is no longer recognizably Nicene -- but those examples are a minority, despite conservative attempts to pretend that ECUSA is a "new religion."
But I digress. My point is this. As I have said all along, the proposed covenant is an attempt to hijack authentic Anglicanism. It will not succeed, especially once the Akinolites leave the table, and the rest of us progressives and moderates are left to figure out how to get along with one another.