What's the best faction to join?

I'm just stuck between joining the Empire and the Federation, which one is better? Like what pros and cons could outweigh the other faction? This includes lore.
 
I think there no substantial difference: I'm friendly and high ranked to both so I can make business with the two.
 
No real cons really, Imp ships are pretty good if you want to grind for them.(The Vulture is technically a Federation ship but its not locked behind any ranks) Lore wise Imps use slaves so I don't really do anything with them for moral reasons. Federation is kind of like America/England with its corporations and politics. As long as you don't really do Power Play(PP for short) there isn't going to be a big deal as pros and cons though. But once you do PP its all about which power you join inside of each faction. Currently the most useful module to be gotten from PP is the prismatic shields from the blue hair chick from the empire.
 
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