Fr. Handy's piece is the rationale for leaving, here's Stand Firm in Faith with thoughts on staying in...
But the fact is that there is a large group of conservatives within TEC who:
-- have recognized for some years now that the Instruments of Unity have failed and will not provide relief or establish any sort of common order ever
-- wish to "engage in strategic, thoughtful action within TEC," not to "reform TEC" but to work within various local contexts for numerous possible goals and outcomes
-- have no interest in "patient and enduring witness" only without massive differentiation and strategic action
-- wish to be differentiated from the national structures of TEC in a more significant and apparent and compelling and communicative way than simply affirming the three Windsor moratoria
-- do not believe that an "Anglican Covenant" based on the corrupt Joint Standing Committee and zero spelled-out consequences will be at all effective in reigning in future chaos and division
-- do not believe that the Instruments of Communion are "the effective means of ordering the common life of the Communion"
-- they are not effective and they do not order anything at all, much less "common life of the Communion"
-- recognize that the current Archbishop of Canterbury will not do what he needs to do in order to solve the chaos and disorder that is in the Anglican Communion
-- this necessarily means that action must take place within TEC and among traditional Episcopalians to differentiate and "bring about desired future states" through other arenas and channels
Read it all at the link above.