I'm a Sigma Nu at MIT, and my chapter voted to go dry last year, and it hasn't been a serious problem. We were one of the smaller houses on campus, and our presence has actually increased since we went dry. One of the factors influencing our decision was that we had an opportunity to move into a new house by going dry, so it was widely accepted by the Brothers.

I think that the key issue is that you have to have the support of almost all of the Brothers if you want to make it successful. If you're not serious about it then it does no good except getting brothers upset and causing tension.