For Alpha Chi Rho, we don't get our badges until paying our initiation fee to National (now over $325
). We're not supposed to wear them unless in button-down, collared shirt and tie. Furthermore, we're only supposed to wear them on our shirts, never on a jacket or lapel, with the intentions of the keeping the badge close to your heart. So if we're ever in business attire, the jacket can sometimes cover the badge. Also, a lot of the people in my Chapter are a bit... ::ahem:: bad with money. So there's a good 9 or so guys that don't even have badges yet. And the ones that do don't seem to wear them much outside of Ritual or other "Brother's Badge Events."
Personally, for what I payed for it, I want to wear it as often as possible, and I do. I like the questions I get from people, because to me, our badge is very meaningful and full of symbols and such, instead of just having our letters spelled out in jewels or something (no offense meant to the other greeks out there and their beautiful badges!). In fact, our letters really aren't on the badge at all, it's too full of "other things."