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You won't loose anything by participating in formal recruitment. Go in with an open mind and learn more about the other chapters on campus along with the Greek atmosphere and then make the decision to join an existing organization or colonize a new one.
The good thing about joining a colony is that you can make the chapter whatever you want it to be but at the same time, the existing chapters have an established style and personality for you to consider. Also, I would guess that a colony would be significantly more work and as an upperclassman, you will have to be honest with yourself and decide if the added work is worth a chapter that you will be graduating from in a few years.
Oh the decisions ... good luck!
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