if everybody is going to play space marine, then i'll play whatever is the best at killing space marines. don't get me wrong, I love space marines, but in factional games if you like killing people the best choice is always the one that provides you lots of things to shoot at. also if there's anything I know about game psychology from shadowbane, it's that large factions often force smaller factions to be better. I honestly would not be surprised if this turned into some bizarro universe where orks are actually finite elite troops and space marines are the numerous horde.
The pay to play players on the Orks side will definately be elite. It would be fun to be a Nob leading all the Boyz. I can't see them actually being outnumbered though, they have F2P fodder to back them up. The eldar are going to be the Emo side though, they will have small pop. and probably get ganged up on by the Orks. Honestly, I'd like to play at least 1 faction in every race, but I may make several Space Marines, I like the Ultra's and the Dark Angels. It all depends on the people you want to play with probably.