Yea. We use them. Have been doing so for twelve years. PCC’s membership seminar (partners class), the membership covenant, and accountablility to its terms are contributing reasons why we are a healthy and vibrant church. We don't a accept a "letter of transfer" from another church to ours to be sufficient grounds to grant membership either.
Here are links to three articles I have previously written on the subject of covenants. Read and learn:
Membership & Church Discipline