Definatly, and these days the factions are rather generic while in the 90's and before that it seemed they where inspired by actual countries.
-Fleur de lis, French.
-Tower, possibly Irish.
-Lion (early ninetees version), English.
-Red falcon (from the siegetower), Spanish.
-Swan, Portuguese.
-Yellow dragon, German.
-Nuremberg guards, obviously German.
Wether I am right or wrong about this doesnt matter, either way theres no harm in using them again. Aside from the yellow dragon, none appear to be the evil faction and thats what is so great about it. It allows children to think and come up with reasons for why there is a war instead of just fighting the bad guys.
Each of them has character and none are forced in a specific role.
Fleur de lis are obviously royal, they also participate in jousting and track down criminals to capture them.
Swan seems to consist only of jousting knights, which could give the idea they are no true faction but perhaps just jousting favorites. The golden knight likely being a jousting champion or favorite of sorts.
Tower seems to enjoy jousting as well, having two knights in such sets. Their wide range of heralds, messengers and one noblewoman suggests they might be strong at forging alliances and arranging festivities.
Lion faction seems a bit more grim and war oriented, having only soldiers and no presence at jousting, or any barded horses. They seem to have captains and no knights, at least their more prominent characters look more like captains to me. A lion prince is in a special though, which could be considered their leader.
And his style of dress suggests an extravagant lifestyle in contrast to the somewhat grim soldiers.
Yellow dragon seems to be the antagionist, but one with clear plans. They participate in the jousting tournaments and have a tower as their home, with either a captured princess or an appearantly much friendlier and less grim princess who might have married their leader to seal a diplomatic deal with another faction.
Red falcon seems rather neutral but have a siege tower, could be opportunists or mercenaries with some skill at engineering.