The point of the event is to let players participate in large events of the story.
The outcome will be: the losing side loses an asset of huge proportion, upon which later story events will swing.
If the Oblique is destroyed, that means I view the civil war as going worse for the Council, and vice versa. A station that represents a large portion of that nation's fleet will be removed (read: Destroyed in the battle), and a nation's ability to project power vastly reduced.