Eh, I've been to a few frat parties so far... It really depends on the fraternity.
The first two I went to sucked. People were assholes, it smelled, it was hot as hell, you could not get to the alcohol because people just mobbed the bar...
However, I went to one last night, and it was really fun. People were chill, alcohol access was as easy as asking, and good times were generally had by all.