With a large recruitment like IU, the first round is a whirlwind, and the second is slightly less so. During the third round, PNMs will start to get a better feel for the sisterhood of the chapter, and those keeping an open mind will really start to get a feel for where they fit.
For those going in with set favorites at this point, it's just too early in the process to get too attached, give up, or feel sincerely disappointed because the group you just LOVED after two days or "Top Tier XYZ" didn't invite you back. Easier said than done if you're 18 but PNMs really should be looking for the HOME where they'll be HAPPY long term. It's not about the reputation or the letters.
That being said, the PNMs will start to feel some serious connections after round 3, and with only 2 Pref invites, there's bound to be some disappointment. And being released by a legacy group can definitely hurt.
In the long run, it's about the relationships you build, and the supportive home away from home that ALL NPC groups offer.