Before the expansion was released, a lot of doom-sayers were predicting that Caldari with their superior number of players would dominate and Factional Warfare would fail epically.
But an interesting balance has arisen instead. While Caldari do have the greater numbers (7060 pilots to Gallente's 4663) it seems that the quality of pilots in the Gallente side is better. Better enough to offset the disadvantage of numbers somewhat and keep the fighting relatively equal.
Things are not so hot for the Amarr in their conflict against the Minmatar. The 4484 Minmatar pilots have the numbers advantage over Amarr's 2779 pilots and the quality is at least equal on both sides. In addition, current reports indicate that the Minmatar are more organized and eager to engage, thus are winning the war which is being mostly fought in the Amarr low sec regions now.
There is the possibility of a deathspiral for the Amarr militia here. If they continue to suffer defeats, they will bleed members making it harder for them to resist the incursions of the Minmatar. Eventually the Amarr militia might be nothing but a rump.
Of course if that happens the Minmatar militia will suffer or go to join the Gallente fighters in which the pressure on the Amarr might lessen to the point of rebuilding. Of course, a charismatic and talented leader for the Amarr might turn things around in short order, but it remains to be seen if one can be found.
All in all, very interesting.