I hated formal recruitment from both the PNM and sister perspectives. I sometimes joke that that was the real reason I became a rho chi my senior year.
I found FR very fake and superficial. As a PNM, I found myself wondering if I was really expected to make a decision based on how good the skits were.
As a sister, I found out how frustrating it is to be in the smallest sorority on campus (small only b/c we were new), with little $ and little alum support and only a couple of sisters who could carry a tune, competing with 4 well-established sororities with tons of actives, active alums, and money.
I've always preferred informal rush. It's more laid back and relaxed, and you can really focus on getting to know the PNMs or the sisters (depending on which side you're on), rather than whether you're going to flub your lines in the skit or trip over your own feet.
Much as I hated FR, my advice to PNMs is still to go through. You will get to meet members of all the sororities on campus, as well as your fellow PNMs. If things don't work out, or if you just find it too fake, then check out informal rush. But if you just skip FR and focus on one house, you may always wonder "what if?"