Eh, I joined one when I was 25 so I have to disagree. One of my fraternity friends followed me across the country and let me live on his couch for about two years. Another was my best man. Best friends I've ever had, easily.

Yeah the competition doesn't mean as much when you get older but you still get fired up years later on homecoming when you hear your old rival got more members or a bigger house or whatever.

I'm in my early thirties now and I still think it was worth it, competition and everything.

I'd say they start sound foolish right about the time you finish undergrad.