Heirs of the Sun: I generally like this covenant. It pretty much the only good co-op covenant in the game. I like that you do the Praise the Sun gesture when you get summoned, and it is a nice call back to DSI. Plus, I find that the rewards for this covenant are actually kind of OK. They certainly aren't great, but I haven't found another way to get them outside the covenant and I can at least see some limited circumstances where they might be useful to low level players or specific builds.
Way of the Blue: Utterly useless. I find that invasions are usually quite rare, and they've done a better job of balancing the invasions that do occur, so you aren't typically in the DSI position of getting griefed by someone you have no chance of beating. There is really no reason to be in this covenant.
Brotherhood of Blood: Hate this covenant. The requirements for gaining rank are ridiculous and you get -1 to your count if you get killed. Most of the rewards are pretty poor too, and you can get all of them as drops in NG+ or later.
Blue Sentinels: Again, since invasions are so rare, I have never once been summoned to help someone else repel an invader. Plus, the requirements for gaining rank require a ridiculous number of kills, compounded by the fact that you get -1 to your counter if you lose. Also like the Brotherhood of Blood, all of the rewards kind of suck, and are available in other places.
Bell Keepers: Probably my favorite covenant. You get reliably summoned for PvP, to the extent that it can be almost obnoxious sometimes. It is a good way to farm titanite chunks, which you get when you win, and because entry into the affected areas is voluntary for other players, it avoids my objection to the Rat King covenant.
Rat King: I think this covenant is an interesting idea that wasn't entirely successful in implementation. I like the idea of being able to place traps for other players, but in practice there is no reason to do so. You do get Pharros Lockstones for wins, but there are plenty of those to go around in normal gameplay.
My primary objection to this covenant is that unlike the Bell Keepers, where you get summoned as an invader, in the Rat King covenant, other players are forcibly summoned to your world to participate. As I find this strongly objectionable when I'm playing solo, I don't feel it is right to subject other players to it either.
Dragon Remnants: No experience with this covenant.
Company of Champions: Kind of a "meh" covenant for me. I suppose its good for bragging rights, but you can get largely the same effect by tossing a few Bonfire Ascetics, which has the added benefit of allowing you to continue to co-op if you want.
Pilgrims of Dark: No experience with this covenant. I kind of wish they hadn't made it so damn difficult to join, since you apparently have to hunt down some dude three times in out of the way places to get into the covenant.
Just my two-cents. Overall, I really wish that they had done a better job with the rewards. Right now they occupy a place sort of the like the Boss Soul weapons - occasionally useful but generally underwhelming. I feel like the covenant rewards need to be both useful and unique to the covenants so that there is an actual reason to grind for the levels. This is particularly true with the Blue Sentinels and Brotherhood of Blood - if I have to kill that many damn players, the rewards had better be pretty awesome, and right now they aren't.
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