In an interview with Famitsu, Dark Souls 2 game director Yui Tanimura has discussed and revealed new details about the Covenants.
In Dark Souls, Covenants are factions of different aligments you can join by swearing fealty to a certain NPC. Following the rules of said Covenants gives you bonuses, while breaking them results in penalties, often getting sinned. And yes, each aligment is assigned Lawful, Neutral, Chaotic, Good and Bad.
The Covenants for Dark Souls 2 are getting name changes. Thus far, we know five of the possible nine factions: Brotherhood of Blood, Covenant of Blue, Protector of Blue (also known as Blue Guardian), Successor of the Sun, and Guardian of Bell (Kanemori).
For the Guardian of the Bell, a pair of bells are physically located in the map, and you take an oath to protect them. Therefore, you literally have to show up in that location when other players show up in its vicinity.
The Successor of the Sun may be related to the Warrior of the Sun from the 1st Dark Souls. In that game, Warrior of the Sun was Lawful Neutral. There is a white spirit body, and after you take the pledge, the Rei-tai sine and summons glimmer a golden hue.
The Covenant of Blue will be very useful if you are prone to being invaded by dark spirits. It will automatically summon other players to help you fight these spirits off, but be warned! You and your helper players fail in this mission if the host dies.
The Covenant of Blue can also invade other players as revenge spirits – unless your opponent finds help from a member of the Guardian of the Blue, who are precisely equipped to take on these kinds of attacks.
Finally, the Brotherhood of Blood is comparable to the Chaotic Evil faction in the 1st Dark Souls, the Bloodwraith. Like the Bloodwraith, you can invade any player you desire. However, this time you will have to contend with more competition, as the Guardian of the Blue will be sure to be there to stop you.
Again, From Software seems pledged to make the game simultaneously harder and more reliant on skill than luck. Lick your wounds and forge those swords, the game is coming March 11 next year.