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Forget gameplay for a second, there's plenty of chatter about that. Think about the entertaining and well animated faction introduction videos floating around. Now which one appeals to you more? I ask this because I normally always go for the "Good" faction straightaway, but IMO the Dominion has waaaay more personality than the Exiles, and I can't help rooting for them even if they are hard-assed space nazis by all appearances.
Besides, you get to play as ROBOTS.
I think my decision is also based on how annoying the Exile intro character was, with that grating Southern twang in her voice. Why do so many sci-fi games paint a picture of future colonies being founded by space hillbillies? It annoyed me in Starcraft too.
Anyway, Dominion FTW. Time to dish out some "galactic diplomacy".
(sorry if there's a thread like this already, I don't see one)