Don't you get bored using vanilla factions, especially since we can't play with mods? I like to play with the different colors in the custom factions, now I'm changing armor colors (shows how bored I am). Mainly, you get a wider variety of perks for your faction, which is probably overpowered, but so what, it's more fun.
In short, yes. But that's why I'm a big fan of the mod community!
I'd like to see 1.2 here (as bug free as possible mind you) so I can stop playtesting and focus on enjoying the different mods.
Completely agree the factions need more differentiation in the vanilla package - until SD has time work on that piece, I'm relying on the mod efforts. Totally enjoyed playing Expanded Factions right before the 1.2 beta series.