My opinion seems to be in the minority, but I'll put it forth anyways in favor of discussion..
First, I'd like to say that content unique to each faction would be great. but as has been discussed previously and pointed out numerous times, if we've got two distinct factions, one would hop they would have an equivalent amount of content, and this is clearly not the case. Whether this will be fixed later, who knows, but it sounds like they are trying to throw more factions in without fixing the old ones...
But to the topic at hand. Peace? Maybe... By what i've observed in STO thus far, we seem to be a bunch of disgruntled glorified kind of unified pirates with an overblown sense of honor and house entitlement. To this end, it'd be kinda nice if peace was a player choice. No, I don't know any star trek things to throw out examples and make my case that way, so I'll say it from my point of view of a player in a video game.
I'd really like to be able to work with the feds at my leisure. Many of my friends have chosen fed because that was what they started with, and they already have many of their resources and lots of their time dedicated into it (not to mention their complaints about that disgusting red UI *hint*). I, meanwhile, like my klink. I like being a Gorn, and I like my Varanus, which leads to the problem I face everyday when I log into STO to play with my friends. It's a friggen hassle. Yea, I know private actions are there, but we've got to find all the players to fill the action to get anywhere.
Hell, maybe even go help the feds from time to time with whatever they are doing (some of the fed missions seem to put forth that some klingon houses do whatever they want, and I kind of would like to go help my newbie friends, and I don't like the fed side :p).
Additionally, I am to the belief that allowing each player to make a choice and allowing klingon to choose, would be better in the long run. Some of you may proclaim "Oh mah gurd, copy pasta content!" But I view it like this. This could mean a potential for *better* more faction neutral content, with a sprinkling of faction specific upon it. Don't get me wrong, I'd still like to see faction specific, but I'd like better content period.
For those of you who are lazy: TL : DR
I want to play with my favorite character, with my favorite ship, with my friends. Force PVP on someone else, let me choose who I group with and fight. I wanna shot everbodies.