I'll copy and paste from the usergroup I just posted this in. My character is a Nord by the way.
My thinking so far on the matter (possible very minor spoilers but I doubt it seeing as I'm only 2 hours in or so)
Stormcloaks:
Pros: Fighting for Skyrim's, their homeland, independence.
Cons: Racist bastards
Discussion:
So the racism thing bugged me a bit. Then I realised that it is their homeland, if they do not want anyone but Nords in their homeland who has a right to say otherwise? They were conquered by Imperials years ago they did not voluntarily hand over their country by democratic vote.
Plus there's the fact that the Elves are actually the enemy you know. There's war brewing and the Elves are looking to invade Skyrim, in that context it's understandable. Germans were looked on with suspicion before and during both great wars as potential spies, infiltrators, potential saboteurs and other ne'er-do-wells.
They want the right to worship Talos their ancestral God, the imperials have decreed harsh punishment on anyone doing so.
Also the guy at the start in the cart did a fair job of selling me their cause and actually seemed pretty noble.
Imperials:
Pros: Defending everyone regardless of race
Cons: Overly bureaucratic, totalitarian fascists, stagnant.
Discussion:
The Imperials....they offer protection to all their inhabitants regardless of race and yet persecute anyone who doesn't follow their religious doctrine, edicts or otherwise falls out of line.
Your character was about to be executed for nothing more than crossing the border into Skyrim. Her/his name is not on the list yet the captain decides to kill you anyway along with another non-stormcloak (the horse thief). I thought maybe this was just an over-zealous captain but nobody speaks out against it. On the other hand they are hunting a guerrilla force in its homeland and they're just using similar tactics to USA-Vietnam or Early Britain/Northern Island. They don't know that you're not an important stormcloak, better to kill you and be sure no?
The Empire is really all that is holding back the Elves but it is stagnating, they've decided that the previous Emperors were not divine, that dragons and dragonborn are only legends and they're losing ground left right and center to secessionists.
Can they really hold back the Thalmer indefinitely or would a newly freed Nord-land be better for both parties?
In short: I'm confused; justified racism or institutionalized fascism?
Edit-I'm erring towards Stormcloaks at the moment though.