Since I'm an alum, I didn't see this first hand but this what I've been told. My chapter is considered a "historically stronger" chapter on my campus.
1) Did it work well on your campus as a whole?
It didn't. Quota was a lot lower than it has been in years. This could be because we didn't have as many PNMs this year due to pushing back recruitment because of the hurricane. Still, I'm guessing that cutting PNMs early hurt them.
2) Did it work well for your chapter?
My chapter seemed to be unaffected but there are two historically stronger houses on my campus that have never missed quota and are always above total that I know for sure did not make quota this year.
3) Did the size of your parties change dramatically?
Parties were a lot smaller. My collegiate sisters told me that it was easier to rush girls because they were keeping the ones that they really wanted as opposed to keeping girls just to have full parties.
4) Did quota change from previous years?
Yes, it's a lot lower this year which I don't think was supposed to be the outcome of this system. Quota should've been higher.
5)Did it affect the "quality" of women you got?
I couldn't go to bid day this year because I had to prepare my house for the new hurricane.

My little told me that our new members are awesome and that we got a really great group of girls. This new system didn't affect the "quality" one bit. I'm unsure of how the other houses did.
6)Anything else you can tell me?
We're adding another sorority this fall and possibly another in the spring. It will definitely be an interesting year for the UCF greeks.