Sometimes I don't know why we pick the movies we do to go see, but this one was Colleen's idea, so blame her. Oh, okay, I'm a sucker for magic, so I guess I can't claim to be forced into it, but let's blame her anyway 

People on the IMDB webpages kept deciding from the trailer that it must be a lot like The Lost Boys or The Craft. Rest assured that it bears little resemblance to either, beyond the "people have magical powers" angle, which is true of dozens of movies.  I can't think of any movie it's a direct knock-off of, but then I've never seen Brotherhood (nor can I figure out what movie they're even talking about since it doesn't seem to match any of the movies with that title,) which is a third movie people brought up.

Covenant was actually better than I expected, but as Colleen pointed out, the writers eventually forgot that it was supposed to be a movie about 4 guys, not a guy. And I thought that the ending was incredibly anti-climatic. Room for a sequel was definitely left, at the expense of a satifying closure to this one.

The TV spot they kept playing is really misleading too. The spot implies that they use power foolishly, and have "used it up" by the time they really need it. Which is not a part of the plot.

For the pluses: attractive cast, good soundtrack, and at least it wasn't boring until the whole lack of a proper ending thing. I recommend catching it as a matinee or on video.