There are so many sides to Greek life. There's definitely the guys who date rape or are creepy, and girls in sororities who are stuck up or elitist or whatever.
But, especially at bigger schools, Greek life can be sick. You get a super dope house all to your own. Whether you rush and bid with your friends or not, you'll meet your best friends through your fraternity (if it's a good one).
Greek life is really driven by the social aspect though. It wouldn't exist, and no one would join, if there wasn't a social side to the organizations. Otherwise they'd be just another service club. It's definitely not for everyone, but you CAN have a really good time anywhere between 2 and 5 nights a week and still get your school work done. And some of the best times of your life, and your fondest memories, will be had amongst your brothers (or sisters for girls).
I've found that people in greek life are just like the student body at large. Some guys are tools, some are creepers, some are awesome. Some girls are catty, some are really awesome and laid back.
But what makes it great is that you can participate in the drinking and the partying to whatever degree YOU want and benefit from the other aspects as well. You can network. You are exposed to a ton of people through the rest of the Greek system, and a lot of those people go on to be successful and influential both in college and after college. If you have a GLO on your resume, and some employer shares that bond with you, it could be the difference in getting a job that you want. Greeks look after their own, especially their own orgs.
Truthfully, Greeks are doing a lot of the same things, party-wise, that every other student does. Greeks just do it in bigger numbers.