It really depends on what you want yourself. If you want gold, go with Hlaalu, if you want every possible artifact you could ever obtain, go with Telvanni, if you want honorable peers and kind of middle of the road rewards between Hlaalu and Telvanni, go with Redoran.
Also if you roleplay at all, then you may as well pick the house with the most closely-resembling aspects of your character. Hlaalu for power corruption, Telvanni for sheer madness and indifference and all sorts of Sheogorath-y fun, and Redoran for one of the closest things to an honorable organization in Morrowind.
If however you're just basing it on character stats, you're going to be choosing between Redoran and Telvanni. It edges just a bit more toward Redoran but your magick skills and Willpower are pretty darned high with the rest of your stats too.
In my honest opinion, Hlaalu sucks the most. It makes you go on a quest to find a unique wakizashi (that is to say its stats are unique, it's daedric but with altered stats) which could quite possibly be the most valuable thing you'll ever get your hands on for that house, and then you have to give it to the quest giver. Quite annoying.
Also, there's a glitch to join two houses. It requires that you be in one that isn't Hlaalu and then read the wiki for the rest cuz I can't remember it.
The shadow of the past never dies, so walk forward knowing you can become better than what you've left behind.
I agree you get poor rewards early on compared to Hlaalu but you can get some very nice daedric weapons and ebony armour suits by doing the higher quests.
I did join House Redoran once and was quite underwhelmed. For not one but two quests, the result is a handful of Hackle-Ho leaves. Considering a Redoran member isn't likely to have alchemy as a major I found this a bit stupid.
I normally join Hlaalu, I like their quests and the site of the stronghold. I have played Redoran a couple of times the quests never hold my interest.
The Telvanni are not normally the type I associate with but I agree that there are some useful rewards to be had.
None of them "suck" (although I don't really understand what it means, not a very helpful description) and one way for the OP to sort it out for himself is to make a save before starting. Do one of the houses and then revert to that save. That way all three can be done and the OP will have an opinion of his own.
Well basically all houses are built around specific skills so if you want a house that will match your skills (which will be useful for getting to higher levels in the guild quicker) it would be
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