The binding energies of adsorbates at catalytic surfaces are in general functions of adsorbate coverage, with corresponding consequences for equilibrium surface coverages and reaction rates under relevant conditions. This coverage dependence is commonly incorporated into mean-field microkinetic models by writing adsorption energies as an algebraic function of coverage and parametrizing against density functional theory models. In this work, we compare the performance of three different analytical coverage-dependent forms, including linear and piecewise models and a logarithmic form inspired by Wilson's activity model, against accurate results obtained from a lattice-based cluster expansion (CE) representation of adsorbate interactions combined with a Monte Carlo evaluation of reaction rates. We take as a model system O-2 dissociation-limited NO oxidation to NO2 over Pt(111), parametrize all models against the same set of previously reported coverage-dependent NO and O binding energies, and solve kinetic models under the same set of assumptions. Steady-state coverages from the analytical models are similar to each other and the ensemble-averaged CE result, other than the discontinuities in O and NO coverages that appear in the piecewise model. Predicted steady-state rates differ more substantially, reflecting the sensitivity of the O-2 dissociation activation energy to coverage-dependent binding energies. The activity model predicts reaction rates reliably at low temperatures and systematically deviates from CE rates at high temperatures, where minority surface sites, having low local coverage around vacant pairs, dominate overall reaction rates. The results highlight the challenges of developing coverage-dependent microkinetic models that are reliable across a range of conditions.