What is Covenant Theology?

A friend asked me to explain why I now beleived in "covenant" theology.

So how do I explain something as vast as 'covenant' theology. Maybe it's more about experiencing the theology, not just talking about it. So let me use one or two word sound bites.

family
corporate worship
means of grace
Christ not me

I can hear your question. What do you mean? ;)

What it is not. Church is not where we go to find out how we failed(the Law), and how we can do better. It's about how we always fail , but Christ lived that righteous life that I can never live, and now that righteousness(our standing) is imputed to us. It's about grace that is greater than our sin (Rom 5:12 through the end of the chapter), not just a little greater but super abounding beyond greater.
Here is another way to look at it. We need the gospel, not just when we first believed, but every week, every day, every minute, because what we would do, we don't(Rom 7), and only Christ did what we desparately, feverishly want to do. So I need to be reminded of the Law, but also that as I confess and repent, that Christ has forgiven me, that Christ loves me. And when I hear the word preached, there is grace imparted, that when I partake of the Lord's Supper, it's not just a remembrance(it is that in a big way),but Christ is there serving us through the elders and imparting grace that we need to for our walk through this life.
It is that those who are there and have been redeemed are truly and deeply family, not just strangers that pass in the night, not individually part of each other but corporately part of the necessary fellowship we need each week.
And I guess finally, but not fully, it is about Christ, not about us and how we can 'be' better. If we keep our focus on ourselves and not on Christ, that is a miserable state. "Fixing our eyes on Jesus, the author and finisher of our faith" is a beginning to end experience.
I manage, architect and build IT projects for Seagate, from the cradle to the grave, as we say. It's a full package, and just so our Christian lives, we must have grace always and every way, Word, sacrament(yes I used the 'Catholic' word...horror ;) , prayer and fellowship.

So in the end, it's a mindset - not pietism but Christ, not morality, but Christ, not me, myself and I but 'Christ in us, the hope of glory'.