As I read it there are some very important and clear messages in this:
1. The Global South and where it is going:

We will explore how we may relate to one another in covenantal and communion autonomy with accountability in matters of faith and order; partnerships and networks in existing and new mission fields; and mutual capacity building for increased self-reliance for greater service.

That is what they will be doing for the future, whether the Communion instruments catch up or not.
2. On the Anglican Covenant

We aim to affirm the Anglican Covenant as the basis in intensifying the ecclesial life between churches in the Communion, and explore ways churches should stand firm side by side in one spirit and with one mind for the faith of the Gospel of Lord Jesus Christ. The Steering Committeee emphasised that provincial and invited participants should be unequivocally committed to uphold the spirit and intent of the 1998 Lambeth Resolution 1.10 and the proposed Anglican Covenant (full Ridley Draft).

JSC take note!
3. Who does this involve?

Participation will be on provincial basis….Associate participants from non-Global South Anglican provinces/dioceses will be on an invitational basis.

 
So there you are, not just GAFCON but a now united Global South are going to be moving forward with those they recognise [those presumably who affirm the Anglican Covenant [full Ridley Draft] and Lambeth 1:10] into closer relationship.

It may be important to also read this together with the Pastoral Exhortation to the Faithful from the Global South Primates’ Steering Committee:
http://www.globalsouthanglican.org/index.php/comments/pastoral_exhortation/

we believe that the proposed Anglican Covenant sets the necessary parameters in safeguarding the catholic and apostolic faith and order of the Communion. It gives Anglican churches worldwide a clear and principled way forward in pursuing God’s divine purposes together in the one, holy, catholic and apostolic church of Jesus Christ. We urge churches in the Communion to actively work together towards a speedy adoption of the Covenant.

And perhaps the clearest message from this which Dr Williams and others will ignore at their peril:

We urge the Archbishop of Canterbury to work in close collegial consultation with fellow Primates in the Communion, act decisively on already agreed measures in the Primates’ Meetings, and exercise effective leadership in nourishing the flock under our charge, so that none would be left wandering and bereft of spiritual oversight.

That, apparently is where the vast majority of the world’s Anglicans are going!
.....and I agree with them - that is where their and my future lies.

Glad to see a continued Global South endorsement of the Covenant, a position to which ACNA has subscribed, as witnessed in Pittsburgh’s recent resolution on the Jerusalem Declaration which incorporated a commitment “to subscribe to the un-amended Ridley Cambridge Draft of the Anglican Covenant.”     

Catholic and Reformed

this sounds a bit like what the Lambeth Conference should be…

It will be interesting to see which “Anglicans” from North America are invited to attend as Associated participants.  Definitions are changing as Anglicanism continues to evolve.  The old “instruments of Communion” are increasingly irrelevant and symbolic.  The Global South, where the VAST majority of the world’s Anglicans are found, will increasingly define what Anglicanism is in the 21st century.

Great post, Pageanmaster (#1).  I agree with you and the other commenters so far that it’s very encouraging.  Looks promising.

As for Prof. Lemarquand’s delightful quip (#3), I think the Global South Encounter isn’t just for bishops, like the Lambeth Conference is.  But his basic point stands.  The Global South leaders are continuing to get themselves organized and unified, and they will increasingly supplant the formal Instruments of Unity/Communion that have failed us so dramatically. 

Maybe a better analogy than Lambeth would’ve been the ACC.  This Fourth Encounter of Global South leaders sounds like what the ACC ought to be like, but all too obviously isn’t.

Of course, this is largely due to the fact that the ACC is still a relic of the old colonialist era in Anglicanism.  It’s dominated by liberal leaders from the Global North (as was so glaringly evident in Jamaica this past summer), manipulative liberal leaders who now represent a tiny minority of the world’s Anglicans, but who continue to presume that leading the AC is their perpetual right, as if the AC were their possession forever.

David Handy+

This clause gets my attention: explore ways churches should stand firm side by side in one spirit and with one mind for the faith of the Gospel of Lord Jesus Christ.
It is a paraphrase or application of Philippians 1:27—which was the keynote verse at John Chew’s consecration as bishop and at the opening Eucharist at diocesan synod for at least five years after his consecration.  The preachers in those few years included Archbishops Yong, Mouneer, and Akinole. 
In short, it appears that Philippians 1:27 has become the rallying point not only for Singapore but also for the Global South.  (I’m curious if anyone here was present at GAFCon and can report whether or not Phil 1:27 was used there?)
In the reference to this verse, I recognize a sustained, intentional study, reflection and application of the Biblical teaching which would guide the participants in their witness and in their decisions.  That example of Biblically grounded leadership is worthy of imitation.

It is always intriguing to me to see how little response the Global South gets on T19.  When Bishop Lawrence returned from Lambeth (and GAFCON) he stated that while he was committed to TEC, he could see that the future of Anglicanism was in the international provinces led by the Global South.  I whole-heartedly agree with Bp Lawrence, and watch the moves coming out of the Global South (even more so than GAFCON) as indicators of longterm developments in the Communion. 

The points made by PageantMaster above for example are on the mark.  Along with Jeremy, it is quite right to note that the GS in this statement is repeating their intention to adopt all four sections of the Ridley Draft.  This is key, noting that Abp Chew was on the review committee for section 4—which committee has already met. If that committee has recommended to AOC and JSC to weaken Section 4, this statement by the GS will be seen as a pre-emptive warning.  If that committee has recommended to keep it as is or even to tighten it up, this statement will only strengthen the AOC’s hand to move forward.  Either way, it is good news for the Communion.

#7 Wise words and a good summary of the options Loren+

I wonder if Dr Williams welcomes the Global South coming together and seizing control, in spite of his best efforts to divide them?

Associate participants from non-Global South Anglican provinces/dioceses will be on an invitational basis.

Oh great—another process issue.
Who gets to do the inviting, and how will the invitations be adjudicated?
We have to watch out for those devilish details.