The frat scene really varies from campus to campus. For example, USC (Southern Cal, not South Carolina) is known to have fraternities who are known to be quite exclusive in the parties they throw (to the point it's considered elitist in some circles) whereas my alma mater, LMU, tends to have fraternities that focus more on social justice/community service programs for the reason that there aren't any frat houses (thus, the lack of on-campus frat parties) and because LMU is a Jesuit institution that prides itself in social responsibility. I find that some folks treat the frat mission as if it's nothing but bullplop, but some are really serious about it.
Frat experiences can be quite polarizing. For instance, a friend of mine during freshman year, who never lit a cigarette in his life prior to rush, was forced to smoke. It's a habit that he's unable to kick away. Sure, it may seem like a minor hazing ritual, but the fact is he's doing it against his own will to some extent for whatever reason. There's a prestige in being associated with Sigma Phi Epsilon, that has its big benefits because of the deep social network, and there are folks who believe that this is the inside track to faster growth in career, which has correlation with quality of life, of course. It's difficult to get a job and it's difficult to meet the right people in this day and age, now more than ever, but fraternities do maximize the chances of going far in your career and meeting people, as well as developing the virtues that the frats stand for and what they aspire to instill (whether that's a bunch of bullplop or not is beside the point).
However, fraternities aren't for everyone. I never thought about joining a fraternity when I was in school simply because I knew I wasn't a good fit for the Greek scene and at the time, I felt like an oddball during my collegiate career. I found myself at odds against people who thought they were big shots because of the fraternity and I perceived them to be artificial, snobbish, brown-nosers and some really do have this mentality. On top of that, I didn't appreciate my university's student culture being very much in line with a high school environment as it felt so stratified. LMU is a relatively small, Catholic school known for its share of stuck-up spoiled brats who live in their own little world separate from the real world. Nothing against the alma mater, but this holds true.
Again, some folks are more inclined to join a fraternity for whatever reason whereas some folks for whatever reason aren't too keen about joining the Greek scene. To each his own, really. Frats are meant to instill virtues of brotherhood and responsibility, but sometimes they do succeed in doing this and sometimes they don't. Just be careful about joining a frat and don't do anything that makes you feel compromised or compromises you in some way.