My experience playing ESO on PS4 was pretty good in this regard. There are three factions. But you are not locked to one like you are in other games. You can have a character for each faction, and play them all in PvP however you like.
Yeah, this creates spies, but in the grand scheme of things, it doesn’t really make that much of a difference since they are in a large PvP area.
It also helps that there is a lot of account binding. From gear, to materials, to even levels. If you have 1 character at max Champion Level, you only need to get to character level 50, then you are automatically moved to your accounts highest Champion Level. And with all the free XP boosts players get while playing the game, it is very fast to spin up a new character and play them in PvP.