I GOTS ME A FRACTION TURRENT!
Pretty much. You decide which faction you want to join (there is a standings requirement) and then fight the 2 opposite factions. Caldari/Amarr vs Gallente/Minmatar.
It mostly just makes it legal to kill enemy militia players without penalty anywhere and tries to concentrate the action into key low security systems. The system has it's pros and cons, but if all you want to do is shoot shit then it certainly doesn't hurt.
What about corps that have all 4 races in them?
in corp fight? Or is it like a "lets make pvp for a while and then drop out, do carebear stuff again" thingy?
I believe that the dev team indicated that eventually there would be unique rewards available for faction warfare. Right now I'm pretty sure the game just uses the standard mission running LP rewards. That could change though.There are faction missions actually, but the payout is poor on those, you'll pretty much never get the time bonus, and it sends you deep into enemy territory. Although the point of them is more to send folks deep into enemy territory so it does what it's supposed to.
There is no other money earning ventures except for looting wrecks (and those freaks actually organizing mining ops within the militia *shudder*).
I believe that the dev team indicated that eventually there would be unique rewards available for faction warfare. Right now I'm pretty sure the game just uses the standard mission running LP rewards. That could change though.