It seems like AM is a game many people have read, been very impressed by and then not played as written! I guess that those who kept the covenant management system are the same kind of people who play merchant campaigns in Traveller, keeping tabs on earnings, losses and mortgage payment. I have enough of that in real life.
The really detailed magic system is another matter. It seems like everyone loves the idea of being able to craft spells on the fly and using some kind of
Then there's that part which I find kind of funny, namely the "troupe style play", which is actually just they old way to play, reinvented. Having multiple characters per player is not new, and that I've even tried myself with great success.
"it is recommended that the GM keep the number of players in his party small - two or three players with up to four characters apiece is ideal."That's T&T 5th ed. from 1979. Something old, something new, something borrowed and something blue. Maybe I'll get to run Ars Magica one day, and then it will be nothing like written, I bet.