I don't think either side is going to make it out intact. Both sides have exhibited cracks in their ideals. Sure, the feds have the Fedayeen on their side, but who knows what is going to happen to the Council of Elders, regardless of who actually wins the war? Likewise, I don't think the Terran Assembly and Toqueville are going to make it out of the war unscathed, even in a GTVA victory scenario. The biggest unknown, for now, are the Vasudans, which can stay more or less neutral, side with the GTVA or side with the UEF. The GEF are another wildcard. They don't have all that much impact on the military strategic scale, but idealogically and socially, they offer an interesting alternative. So far, I think everybody has been underestimating them, using them as a tool for asymetrical warfare and little else. At least until one nutjob proved how resourceful they can actually be.
So, short answer: there is still too many unknowns to conclude wether either sides are toast or not.