I completely agree w/ SBGPhiB & adpiucf...
I worked my butt off when I was pledging. I was NOT hazed, I was commended for the good job I was doing, I was given something I had to achieve and help to achieve it. I definitely understood "Aspire, Seek, Attain." On my bid night I didn't get a goody bag full of expensive gifts - just our pledge t-shirts. The first thing we did was sit down with our pledge mom who explained the program to us and the commitment we were making. After we were all very clear on that it was time for fun.
We've all had so much "sell yourself" stuffed down our throats and I just think it has backfired. There is such a thing as putting your best foot forward but I think we try to shield the pledges from so many things that after they initiate, it's like Dorothy stepping from technicolor Oz back into b&w Kansas.
I think that deferred prevents burnout because (for the most part) the people you pledge already have lives, and this isn't their whole life. Of course if deferred is cost prohibitive (i.e. giant house to fill) there are ways to stop women from "majoring in sorority" - like everyone having to be involved in outside activities. And I mean REAL stuff, not the honorary you go to once a year.