As someone who spent nearly four years in a fraternity in my late teens/early 20s, I can definitively say that this is one of the few movies to capture the true nature of the relationships between the members of Greek organizations Organizations whose members refer to each other as 'brothers' and 'sisters.'
On the surface, you call yourselves brothers and sisters under the pretense that you're more than friends, and that you share a bond that comes close to being family. You spend an inordinate amount of time telling everyone how close you are, and how you would practically die for each other. And you relentlessly promote your organization as a positive bastion of friendship and unity.
Below the surface, however, you realize the reality is somewhat different. For starters, you enter the organization in a ritual called 'rush' - which amounts to the most fleetingly superficial experience of goodwill and friendship you could possibly imagine. Rush is immediately followed by a much longer ritual called 'pledgeship' - which amounts to being abused and exploited for months on end.
Fortunately pledgeship doesn't last forever, and most pledges make it through to become active members. However, you never really feel like you know these people - and you certainly don't entirely trust them. You go through the motions of being a group of friends, but the question is always there right beneath the surface - if it really came down to it, would these people that you are supposedly so close to sell you out or even kill you in a heartbeat if it served their agenda - and would they do it in the name of brotherhood/sisterhood?
Nesting Dolls isn't the most realistic movie in the sense that many of us - even those who have belonged to a fraternity/sorority - can say we've actually been though the exact scenario presented in the movie. However, just about anyone who has been in an organization in which you call yourselves 'brothers' or 'sisters' will most likely agree - that's exactly what you thought it was, just below the surface.