One way to think about the Anglican Covenant is that it constitutes a measure of our willingness to be autonomous Anglican churches in communion together in the face of the possibility of formal schism or schisms occurring across the Anglican world. With one measure of the closeness of the world to nuclear conflagration in the background, I suggest that if midnight is the point when we are in schism, then we could assess the arguments for and against the Covenant in terms of minutes before midnight.
In my reading of criticism of the Covenant, most of the criticism stems from an unwillingness to let go of even one iota of autonomy. So when criticism waxes rather than wanes, the likelihood is that Anglican churches, in the end, will go their own way and schism will take place. Right now my assessment is that we are five minutes from midnight!
There is an alternative to schism (as I have been pushing in recent posts): we agree on one thing together, that we are not in fact a Communion and so we will call ourselves something else ... the World Anglican Association, perhaps.