here's the latest --- I went ot fight Sif the Wolf and after upping my level to 52 (I wanted to use my +5 Silver Knight Sword) I beat him and got the ring of Artorias, but i didn't proceed directly to the Abyss. Instead I had never visited the Great Hollow or Ash Lake so I thought I'd go and see whats down there.
I believe I've explored and picked up everything from both locations, seems abit of a dead-end, ending with the stone dragon. At this point I farmed some twinkling titanite and upped some weapons and armour (thought it wise) and warped back to the guy in the bell tower, left the covenent of the White, warped back to the stone dragon and joined the covenent of the dragon. Dont know why, dont know what are the benefits, if any, so this morning my next job is to read the wiki on covenents - I did offer the dragon a dragon scale which deepened my "faith" - again, no idea what this means, so I saved my position for another day.
Maybe by tonight I'll have a clue what i'm doing with covenents - upto now I have come across the "Way of the White", "Princess' Guard" and "Path of the Dragon" ?????????