You must read Fr Jake's riposte to Bishop Cameron's letter. Fr Jake doesn't write often on his blog these days, but when he writes, his words are always worth reading.
Jake takes apart the worst of Section 4 of the Anglican Covenant, the objectionable, punitive section, piece by piece, and demonstrates why adopting the covenant will not be a good thing, despite Bishop Cameron's advice to all of us to please calm down and stop the scaremongering.
Says Jake:
Use whatever snarky names you can imagine, Bishop Cameron, but, regarding the signing of any current or future Anglican Covenant, this is one Anglican whose response must echo that of Bartleby the Scrivener; "I would prefer not to."
And they all said, "Amen"!
And while I have your attention, why not go vote on the Church Times Question Of the Week,: "Should the Church of England reject the Anglican Covenant?" Look for the link to the question in the upper left hand corner.