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My school has a similar system. Though the first day is a 'round robin' where you spend 20 minutes with each organization and get your card signed by the panhel rep. After that, you can go to opens at any organization you choose. So if you really don't want to go to certain chapters, you don't have to. In the end, we do rank our top three, but we can only be given a bid if we turned in our round robin card.
However, by doing recruitment this way, more people listen to the stereotypes and don't go to certain organizations because they wouldn't want to be considered someone who fit that group's stereotype. Because of that, many organizations get low numbers every year because people aren't willing to give them a chance.
It also is really hard for the organizations to plan because they never know how many girls will show up to their event.
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