Many of the reports of the vote therefore conclude that the Covenant is dead in the water — even before it is sent to the rest of the Communion.
That is a misreading. Although +Rowan Williams wants as many Anglican provinces as possible to sign up to it, he always knew that introducing a more Catholic ecclesiology — defining boundaries of doctrinal orthodoxy — would alienate both the conservative evangelicals and the liberal Anglicans. The loss of GAFCON and the Episcopal Church of North America are foreseen, if not intended, consequences of the Covenant process.
But the gain lies in a stronger, more unified, and more coherent Anglican Church, even if it will be considerably smaller than now. For Catholics that is good news, because Rome can again have a dialogue partner it can do business with.