I've never completed the FG in Morrowind, though I've started it a few times. Something about it... bugs me. It's not the quests or the rewards, per se.
The other guilds/factions all seem to have a pretty reasonable 'in-universe' explanation for their existence. It seems perfectly sensible that thieves would want to get together in some sort of gang, and the Thieves' Guild is a well-established trope in fantasy literature. The Morag Tong is a fantastic take on an assassins' guild, and again, it makes sense to me that people in that trade would form an organized group, especially given its legal standing in Morrowind. Then you've got the Mages' Guild - great, it's a bunch of people who gather, share/steal each others' knowledge - I can get behind that.
But the Fighters' Guild... it just seems so generic & bland. I've played far enough along to know there's some kind of power struggle going on (no spoilers, please!), but still, the purpose of the guild seems just kind of vague. "We're... fighters!"
I understand the need for mercenaries in a dangerous place like Vvardenfell, but setting up this guild seems like a strange way to go about it. I mean, you've got the Legion stationed there, tons of guards, adventurers doing their thing.
More importantly, I don't see a lot of, for lack of a better term, "flavor" in the FG. The Morag Tong has a great local flavor to it, but the FG...
I'm sure I'm just looking at it wrong. How do you guys play the FG, and what sort of characters do you use for those quests? How do you fit your characters into what seems a very generic faction?