I'm a Republic guy. I've got to post here if for no other reason than to agree with the OP on the problem in hopes that developers will see the massive response to this and take heed. In essence, I'm casting my vote: The faction imbalance is going to kill the game if not quickly addressed.
Bioware, please take heed. I know 2 people in my gaming circle that became fed up enough to go back to their prior game of choice, although saddened by that choice... they told me, "when they fix it, let us know." Another friend gave up playing Republic and went over to Empire becoming part of the problem instead of becoming part of the solution.
Me? I won't keep playing forever either without some hope that you guys are on it. My server (Jung Ma) isn't as bad as others... but that's largely because many Republics are hearing of it and instead of switching factions, they're re-rolling on Jung Ma. From what I'm seeing, wise Empire players are just as concerned as the Republics are because we really enjoy this game and we all want to see it succeed massively.
Please, Bioware. I love this game. This is a huge issue that needs addressing. Thanks for paying attention to us paying customers. :-)