Absolutely awesome. Even after publication of "Through the Aegis" this publication fills a hole in the Ars Magica line. I am highly likely to use this covenant next time I start out playing Ars magica with a group of newbies, and would even consider it with a more advanced group too.
I am very impressed that the document has a clear focus on presenting concrete ideas for what to do with the covenant and how everything should work out in concrete terms.