When it comes to the new Lore and Fluff, which is 4/5ths of this book, I feel they've done an excellent job. It really brings out the various ways the Covenants work, and provides excellent inspiration for both players and STs.
I'd give that part 5/5.
For the new rules however I'm vastly disapointed.
There is no thought to game balance, or things making logistical sense.
It seems to be a collection of random ideas from various sources, with many providing the opportunity to easily throw a game out of wack.
There's one or two nice things per Covenant, but the rest is just silly.
I'd give this part 1/5.
Overall I'd recommend it if you want some excellent creative writing for each of the Covenants.
If you were hoping for something that would expand well upon the various Covenant powers however, I'd say you're better off coming up with your own material and saving your money.
[3 of 5 Stars!]