I watched the pilot episode for this one with high expectations, having just graduated college and moved on to "real life". I was not in a fraternity, but a lot of my best buddies were, and I got to partake in a lot of the partying that they did in their house, so I know what goes on to some extent.
This show is obviously a dramatization, not a documentary in any way of Greek life, or college life for that matter, although it does hold a lot of truth, albeit exaggerated for the most part. If you watch the show for the value it contains as a TV show, and nothing more, it is very entertaining, much like movies such as Old School, Porky's, Animal House, etc. If you watch it expecting it to chronicle all of your experiences in your own college life, you will probably either be left wanting more, or mad that they over-dramatize a lot of events.