i has been confirmed repeatedly through blue posts, you can swap whenever you want but you need to start from scratch on the new covenant and lose all progress on the one you have left, and then for what ever reason if you want to go back you will have to jump through a lot of hoops for essentially “earn their trust” back
i think one of the main problems is that a lot of people want to take the ability that will be better for them, that comes with four main issues.
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balancing could change this at any time meaning you have wasted a lot of time on the covenant you are with and need to start grinding again from scratch and lose the conduits you put into the soulbinds too.
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just because something is best for one spec it doesnt mean it will be for other specs, so from personal experience, swapping between all 3 specs that i have access too will be alot more difficult.
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you limit yourself for content you like to do, if you are a main PvPer then you will take which ever is best for PvP, which means you might not be able to take which ever is best for raiding/dungeons, this means that you have to limit your capabilities for other content you may enjoy in order to be better at other content, (i can imagine this also being a new requirement for those pesky raiderio pugs that everyone just loves so much)
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i am a big fan of either the necrolord or venthyr as a theme for mogs and just in general, if my spec has its “BiS” ability with the night fae or the kyrian then that will mean that i end up having to go through the story of a covenant i enjoy less and end up with mogs that i dont like as much as others
this is the main issues i can see with the covenants, might not be the same issues with everyone, i like the idea of covenants because the different themes throughout the expansion work well for different people, but i dont like that they are adding a lot of character power to them making the choices for them a lot more important than they should be, removing the class abilities from them and making them into another talent row would solve a lot of problems here.
this isnt quite right though, because all classes are more than capable of doing all content, but its a bit difficult when you are actively feeling forced into taking certain abilities that depending on the content you will not even press, and a lot of the times with these kinds of abilities the spec is designed around some of them, so having a completely dead spell in your spellbook that you will never use isnt exactly fun is it
there is a difference between something being a completely dead key and something you dont use that much though, for the most in BFA most classes have a use for every spell in their spell book, they might not all be that useful in content, but having a spell like a covenant ability that is important as they are trying to make them by being a cornerstone system of the expansion shouldnt be a dead spell.
even if they are just bonuses, we should be given the choice to take the bonuses that we want, and taking one that is good for another spec should not lock us out of taking ones that are fun for the other specs
all people are asking for is the choice to have fun, right now thats not the case, we are given the choice for 1 out of maybe 5 or 6 different aspects of the game which then in turn makes the rest of the game a lot less fun