The factions system is nonexistent at the moment. I, and some of the PvP crowd I've talked to, would like to have the most basic feature of factions added in game, i.e., the ability to join a faction and have freely attackable status whilst in Felucca. I'm not certain about the status of the system currently, but just adding the sign up stones may be sufficient to provide this feature.

Speaking for myself, I have little interest in silver, war horses, sigils, faction vendors, faction guards, etc. at the moment, but being able to join would fit perfectly into the way my guildmates and I have been playing.

Another good point. It seems that mostly everything is in place from the players perspective. The faction joining stones just seem to be missing. Hopefully thats all that needs to be done.

I definitely agree. Factions would allow for another level of pvp because there would be less worries about going red from counts from a disgruntled player. This would allow the players who frequent pvp to do so with out the blame game of counting as well as "pick sides". The only change I would make to the faction system, is allow opposing factions to party if they really want to. I know there are times when numbers for pvp aren't exactly fair but you can't really assist a fellow pvper because you are in opposing factions. Just a suggestion for when factions do come back, but like Minos said, bringing them back is step one.