I'm at Florida State, and I didn't go Greek, I was really considering it for the first few months of my first semester, mostly because I hadn't yet found a good close group of friends. I ended up with a great group of friends who I see just about every day, and will be living with some of them next year, but we all got connected by a shared interest, longboarding, something we all did every day. It seems to me the advantages of going Greek are primarily, creating an artificial shared experience with which you can bond with other guys/girls and make friends. With some of the more prestigious (and expensive) Greek organizations it can also provide networking which can be seriously useful at some later date.
Its also worth mentioning that alot of them can get quite expensive, Chi Phi, which I think of as a sort of middle of the Road Fraternity over all has semester dues of $700, which does not include housing, or the extra money necessary for some of the more extravagant parties. Also most of (not all of the fraternities) do more or less follow the stereotype to some degree, and if that's not the kind of people you wanna be around then that's also something to .
@Gen. Lee When did you graduate?