Some arguments in favour of the move seem to be:

1) it is a human right (for women) to be a bishop. The underlying philosophical position for this view is that women should be accorded the same opportunities as men in society.

2) Scripture – “in Christ, as St Paul puts it in his letter to the Galatians, there is neither Jew nor Greek, slave nor free, male nor female.”

Some arguments against the move seem to be:

1) Conscience – they do not believe that the Church of England, on its own, has the authority to make this change.

2) Christian disunity – they feel that it would cause grave disunity within the Church
of England and between the Church of England and the Roman Catholic and Eastern Orthodox Churches.

Other:

1) Timing – It might be right to appoint women bishops in the Church of England at some point in the future but wrong to do so now.

For now:

a) there were senior women priests whose Godgiven talents should now be exercised in the college of bishops
b) the Church’s witness to the Gospel was rendered incredible in our
society by its continuing discrimination against women (see 1)

Against now:

c) there are some in the church who are unable to accept this change

2) Understanding of the role of bishop

“We believe that a ministry of oversight (episkope), exercised in
personal, collegial and communal ways, at all levels of the Church’s
life, is necessary to witness to and safeguard the unity and apostolicity
of the Church.” [Ecumenical Principle] relevant to roles of deacon, priest and bishop.

[ http://www.cofe.anglican.org/info/papers/womenbishops.pdf ]