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I agree that out of the existing factions they're the best. We also get the choice of taking over ourselves though. The issue (and benefit) is this is undefined. If we assume our player character is good and shares our morals, I think they're the best option. We can create our own government and take lessons from the NCR, The Legion, Mr House, and also the past.

In New Vegas the NCR is clearly failing. Theyre over-extended and their political system is falling apart. Going with them just leads to the same failure. The only good option is to hope whatever the player character does is good.