I am well aware the thread is a bit old and he's probably decided however I do have a distinct opinion on this and chances are future people will likely stroll through this.
If you look at it from first glance you'll probably see the NC as the good guys with the terran republic being evil monsters with the vanu appearing to be technological scientists; Deeper looks show a clearer ideal and difference between the factions.
The Vanu Soveigntry is clearly not the best faction at all; I enjoy calling them space communists because of how unwilling they are to devote anything that isn't about the vanu or scientific achievement; Quote here on the NC "Freedom is their war cry, yet they shackle themselves to irrelevant concepts like 'government' and 'business' that only serve to enslave them in the end. True freedom lies in understanding the will of Vanu, for the shackles that burden humanity are only broken in enlightenment. We will show them." I believe this to be ridiculous and a one way street towards oppressive technocratic collapse and failure; They don't allow any altering of these ideas from what I am aware of.
The New Conglomerate has good-ideals I will admit that and there cause is just however; It is falsified as I said before a simple look at them and you will think they are the hero's yet videos and lore proves this to be completely wrong and in my personal opinion they are not people attempting to be free they are a corporation attempting to be oppressors; I will admit that the NC's goal are heavily noble but this is all a facade, Most of there soldiers are likely anarchists and mercenaries who simply want the next paycheck and by now with most of its equipment coming from corporations who have invested so much time and money in this I wouldn't be shocked if it turned out that corporations had full control over the NC's provisional government and it'd remain like that; I think this is excusing the one problem with all of this which I will cover later. I think a corporation with no skills in governing a populace that has been born out of war and has been in war since its founding will never be succesful and will only lead to further anarchy and seeing as most of its soldiers are either anarchists or mercenaries I wouldn't doubt that either.
The Terran Republic and I will not be frank are immoral and they have done pointless actions that led to this conflict; Insane restrictions on corporations led to the rise of the NC and the theft of nano-tech and prohibitions on the vanu led to radical researchers taking control; I don't care that the terran republic is fascist because clearly its not because of the ideology that caused it to fall astray from the democratic terran republic but the leaders of the organization itself, The terran republic's actions against political opponets aswell is inane and immoral, However the terran republic at the same time has managed to colonize auraxus and keep the peace; In a time when death was likely for a faction that managed to build everything that the vanu and the conglomerate stand on is impressive; The conglomerate and vanu are both equally oppressive but the republic is a proved working government force that can do large amounts of benefical help in tough times.
Both the conglomerate and the soveigntry are immoral and oppressive; You either be a slave to corporations or be a slave to a cult; In my opinion the soveigntry pushes immoral to far while as the conglomerate is bound to fail and be as oppressive; And as I said earlier eventually the wormhole will open again that sent them all to this planet and I think when that happens the democratic TR is going to send alot more people and will probably stabilize the wormhole; They'd probably seek a peace deal to end the conflict if its still ongoing, If that fails they'll wipe out the vanu and force the conglomerate into captulation till accepting a surrender; If the conflict is ongoing then the NC or the Vanu will be stopped.
Short-term
TR: Unjust but functional government
Vanu: Insane communist cultists
NC: Anarchist corporations
(also edit; chances are the vanu started this war and are waiting for space vanu stalin to comedown; either that or the actual aliens would never agree with them and will think of them as radical caveman which would be poetic irony; this could be applied for every faction aswell, the republic comes down and sees the morphed remains of this terran dictatorship and the main corporation comes down of the NC and those who joined it and see traitor mercenaries)
(edit aswell) Also just pointing this out; The Teran Republic is the only faction focusing 100% on the reconnection of earth; I think this is the best long-term goal.