I like it if used sparingly. It's a fairly specialized ability, since it's useless beyond the Medieval ages (which means that if you upgrade your troops, they'll be stuck with a wasted promotion spot) and even prior to Gunpowder, it's assuming that enemy cities will be mostly defended by archery units.
Fortunately, with the AI, that's a very valid assumption that you can usually expect to be true. As a result, Cover on a handful of soldiers can give you a nice boost.
As to whether it's more effective than CR, that's a tougher question. CR has the obvious bonus of remaining relevant with upgrades. Additionally, Cover requires C1. I'm going to try and do the math here, which is a spooky thing because I have no idea how the mechanics work and only know that they're quite counter-intuitive and function very differently than how you would think.
C1+Cover = 2 promos, +10% vs cities (C1), +35% vs archers in cities (Cover + C1)
CR1+CR2 = 2 promos, +45% vs cities
So, assuming that this is a correct depiction of the game mechanics, (which it almost certainly is not), CR seems to be more effective vs cities. Cover is, of course, much more effective outside of cities, but that will rarely be an issue...
So, in the end, I would rarely, if ever, go for Cover over CR.
That being said, if you're AGG, and therefore have C1 free, Cover would be marginally more effective than just having CR 1. However, CR 1 unlocks CR 2 and 3, while Cover unlocks nothing, so even then it's still not really worth it.
It's fairly close, but it's not
quite the case that Combat I + Cover is a 35% modifier. It's because of a quirk in the rules that means combat promotions always apply to the strength of the attacker whereas every other type of promotion changes the strength of the defender.
For example, if an archer has managed to accumulate 145% of bonus defense (e.g. from being in a city with some culture defense, on a hill, with a CG promotion or two, fortified etc.) then an attacker with Combat I and Cover would have
identical odds to an attacker with CR1 and CR2.
It takes a bit of maths, but I worked out the following:
If you have a defender with total defense modifier
TDM%, then the reduction in defender strength from having Combat I + Cover (or Combat I with any other 25% promotion) is (350+
TDM)/11.
Examples:
A defender with 35% defense bonuses (e.g. an archer with combat 1 with 5 turns fortified on flat terrain), means Combat I + Cover on the attacker would produce effectively (350+35)/11 =
35% defense reduction.
A defender with 145% defense bonus means Combat I + Cover on the attacker would produce a (350+145)/11 =
45% defense reduction (that's good value).
A defender with 200% defense bonus (which is starting to get a bit high to be realistic) would mean Combat 1 Cover attacker produces a (350+200)/11 =
50% defense reduction.
To summarise, combat promotions become better and better choices for attackers as defense modifiers start getting really high. As has been mentioned because a choice of promotions like combat + a counter promotion can be applied in more situations than just city attacks, sometimes it's worth it to take that instead of the CR line for some of your attackers.
Because archery units tend to receive some of the highest defense bonuses in the game, it wouldn't be too uncommon for that combat I + cover combination to be a good choice.
Of course, you then miss out on CR3, but this is just another reason why promotion choices can be interesting. There are always situational factors to consider.