I'm biased, but I'd but the order as:
1. Cathay (they are the only nation walking out with anything like a win)
2. Arcaea (it's still big, but it's got serious long-term issues it needs to work out)
3. Arcachon (easily the most tight-knit bunch of mistfits around)
4. Kindara (Not good, not bad)
5. Aenelia (Got stomped, at least it has a plan and some leadership)
6. Zonasa (just a trainwreck, should be so much better)
7. Ohnar West (really need to thank C'thonia)
8. C'thonia (essentially Arcachon without the religion to keep it ticking)