Since I missed the big fallout 4 discussion I'm going to confine myself to a singular post for it...well two technically.
So the game, upon starting a second character, feels so much better on the Hard difficulty versus the Normal difficulty. Normal I felt like my deaths were stupid because of grenade spam (which is an issue) whereas in Hard I feel like their all my fault for either not having prepared properly or because I tried to rambo a group of raiders rather poorly.
I like that I get different toys with different factions, it makes them feel different from each other, where as with NV I felt like 'yeah, that's cool caesar...wait your the NCR? wait House right? I don't care just fucking pay me asshole', no real 'hey this is cool that this faction gives me this, oh hey this one gives me this other thing'. So it just helps make them feel different which is nice.
And onto things I don't like.
Well aside from the lack of skills not much. The fact I can't play it in full screen since the lockpicking won't load properly due to my screens weird resolution or whatever you call it. So I've been playing it in windowed mode.
Nice to know someone actually enjoyed the factions in Fallout 4, although you could do a mercenary run in NV.
My main problem with Fallout 4's factions is that the main two are unlikable assholes, and the other two are just plain saints. I also have a problem with how fast you're thrust into positions of power. I know Bethesda didn't want the casualcucks to get bored with not being able to hop into power armor instantly and command armies, but it feels really forced when Buzz Lighter promotes you to Knight with just one mission.
But like you said they give you neat little toys, and if you do what I'm doing (AKA: not beat the game, because the story is more retarded then Fallout fanfiction) then that means all the factions are locked in a cold war because their errand boy is too busy using them all to create his own empire.