Uhm, I see the definition of Factions server has changed drastically since the first GvE. The first, not the 2nd, 3rd, 4th, xxth.
InfiniteL2 has events all day long. You could actually have 1 global faction instead of blue and red and in reality it would be the same. Especially since they made scabbing different recently. Doubt it fits any old school 'faction' term.
From what I see, current faction definition is:
1. No territories/zones/conquest/dynamic world changes.
2. Unlimited buffs, all freely available.
3. No mobs, no levelling, at level 85.
4. No L2 features, since they just draw people away from pvp (shit like oly, duel, xxx).
5. Some kind of armor, non-enchantable so everyone has the same chance, like in counter-strike.
6. On login you are thrown into a team, then buy up in locked coli, and port to coli for unending mass pvp.