Alan Perry has just written an analysis of Section 3 of the Anglican Covenant, see Life Together.
Section 3 of the proposed Anglican Covenant describes the way in which the Churches of the Anglican Communion collaborate with each other. At the heart of this section is a description of the Instruments of Communion. These used to be know as Instruments of Unity, but for some inscrutable reason the term was changed in recent times.
Section 3.1.2 correctly notes, quoting the Lambeth Conference of 1930, that “Churches of the Anglican Communion are bound together ‘not by a central legislative and executive authority, but by mutual loyalty sustained through the common counsel of the bishops in conference’ and of the other instruments of Communion.” This statement is a little ironic, of course, being contained within a document which is being proposed as central legislation for the Communion, and which gives at least some executive powers to the Instruments of Communion and the Standing Committee. As we say in Quebec, it seems the proposed Covenant is speaking out of both sides of its mouth…
That of Section 2 is called Vocation and Mission in the Anglican Communion.
And there is lots more analysis of the Anglican Covenant elsewhere in his blog.