The only thing good you and your sorority will get out of doing the show is being able to say "we were on MTV's Sorority Life" and even that some people will view you how they want.
Honestly, I watch the SL series because I think they are crap and have to laugh at these GLO's that had the nerve to put themselves out there with out any control of what happens in the editing room.
If you decide to do it, know that MTV is in control and every move you make, they will twist it around for ratings.
If you can make SL4 a different show, and you know it FOR SURE than go for it, but if you have a hint of doubt, I think you should decline.
Best of luck!
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