Why does it now "feel" like the Anglican Covenant has become irrelevant? Because, IMHO it has. The real question(s) is/are who made it so? Was it father time that made it irrelevant? That is, things in motion tend to stay in motion while things at rest tend to stay at rest. So, perhaps time has just past the Anglican Covenant by. In essence they don't care and we don't care.
Or, did the Episcopal church, in some clever and well hidden way, make it irrelevant? The general conventions have managed to sidestep the issue in such a way as to finesse the program right into oblivion. Dodging the bullet, while not very stalwart, does have it's advantages. It does simply make one wonder if there is anything that the Episcopal Church will address head on.
Or, did the fellows from the Anglican Church in North America set this whole thing up as an exercise in distraction so that other things could be accomplished? If this is the case then ACNA has made progress of sorts in formation and implementation without so much as a by your leave, sir. While the world passed the hot potato around the horn the ACNA folks did all sorts of things in both England and in the United States. One has to give them credit for their plan, at least according to the Chapman Memo (as amended) they have followed the plan and not a thing of importance has happened. They have made the Episcopal Church almost impotent. If you disagree please explain why not a single soul in Canterbury did anything to stop the plan from unfolding and for allowing the United States to fall into a state of disarray?
Well,, choose one or all, I do believe that that bus has passed us by and probably most everyone else in the world. But hey, wait, just like a bus, the next ACNA move will be along in a few minutes.