I'm disappointed that faction plays a lesser role in EQII. I remember back in EQ, almost every faction had an opposing faction, so it was relatively easy to raise or lower a faction, just find and kill the right enemy.
Playing my Dark Elf Shadowknight, I made it a goal to raise faction with several "enemy" factions, including TheDead and the Crushbone Orcs. My faction was so high with Crushbone that I would sit in the Emperor's chair, surrounded by Orcs and nothing would aggro on me. It was funny watching all the good characters huddled across the throne room, cowering in fear. The only mob I had to worry about was that darned gnome in the pit with his pet. He killed me plenty of times.
It was fun and added an interesting, but optional, twist to the game. Now it is too straight forward, the "Evil" and "Good" classes/races all pretty much share the same enemies, making the Player "Evil" to actually be just a lessor "Good" in a way.
Here's hoping we get more faction options in the future.
*crosses fingers*