Overture 3 has to do with the wording of one of the vows made by the parents at a baptism of a child. The overture wants to change the language of “dedication” to that of “acknowledging” the covenantal context of the child.
I am opposed to this overture. As various people have pointed out, the questions for the parents are quite covenantal already (see in particular question 2 of BCO 56-5). The entire context, in fact, of that section of the BCO has covenantal language pervading it, whether it is the highly covenantal language of BCO 56-4, or the command for baptism not to be unduly delayed (hardly things a Baptist would be comfortable with!).
The language itself comes from the PCUS documents of 1894, from a time and place where Baptistic culture was alive and well. This language didn’t seem to bother them at the time!
Furthermore, as has also been pointed out by several people, dedication in itself is not unbiblical. Hannah did so with Samuel. It can be argued that John the Baptist was dedicated to the Lord. Maybe the language is not always there, but the idea seems to be present. The fact of the matter is that dedicating babies is something we agree with Baptists on. The difference is that while dedication is the only thing Baptists do for their babies, we (or, rather, God!) do(es) something more. God places a covenant sign and seal on that child.
In other words, it does not seem to me that we should reject something in our standards simply because the Baptists use similar language. I can’t imagine any self-respecting Baptist agreeing to the theology of BCO 56. I am perfectly content with the language as it is. The overture does not offer any biblical argumentation as to why the current language is insufficient. It argues primarily from the “Baptist” cultural background, which, as I have said, I find insufficient.