You should contact Bloomington's campus Panhel or Greek Life office for more info about recruitment and individual chapters. 95% of the people posting here will only be able to tell you information you could get through IU's websites.
IU recruitment is definitely competitive (1500-1800 women for 19 NPC groups), but that doesn't mean you shouldn't give it a try. Bid or no bid, you will make friends during the recruitment process.
If I were you, I would look out for club call-out meetings during the Fall 2010 semester. Getting involved on campus is a great way to stand above your peers during recruitment. Is there a club associated with your major or prospective career? Are you passionate about politics or a social issue? There is SO MUCH to do at IU-Bloomington, and getting involved in non-Greek activities will help you during recruitment, both in padding your resume and potentially introducing you to active Greeks.
Definitely go through recruitment in 2010-2011, but remember that going Greek isn't the only way to make friends. A meaningful membership in any organization can be a great way to round out your college experience
EDIT: Don't forget about the non-NPC groups on campus as well. In my year at IUB, I worked with a girl who is a Theta Nu Xi and she absolutely adored her sisterhood. I had no intentions of going greek while at IU, but knowing her definitely made me want to know more about Greek life and MCGLOs.