I reckon each faction will have bonuses (Osiris has a sword or Dead Orbit has a special spaceship upgrade) you will be able to leave at any time but will loose the bonus. You might have to choose a permanent faction when you make your character though...
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I really like that bonus idea! I'm not sure if I'd want to be locked into a faction at the start, as I would much rather get the game experience under my belt before making my decision. Keep this discussion alive people! What else?