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I'm definitely a fan of the new release figures method. I was an adviser at George Washington University in DC for the last three years and we implemented the release figures method in my first year there. (The campus is about 17% greek with quota generally ranging between 25-30.)
The chapter I advised had very high historical return rates so it was definitely a bit of a shock when they realized they had to release over half the women after the first round. But they didn't have a problem making quota with a great group of girls and the chapters on campus who had traditionally done poorly in recruitment did actually have stronger numbers on bid day, although not up to quota. I understand the frustration of the girls who are heavily cut after the first day but I really do think that's far more fair to them than stringing them along for the week only to cut them before pref.
I think the big issue with the new release figures method is that it really does take a couple of years to work out the kinks - both administratively and with the chapter's recruiting. Most of the complaints tend to be in the first year after implementation, but a lot of that seems to be just because its a different system and we're all a little bit resistant to change.
The legacy issue that carnation mentioned is something I've definitely seen as a problem though. The first year it was pretty well known that one sorority on campus had cut all of the women who were legacies to other chapters after the first round. And this isn't a campus where there really are a large number of legacies like you have at the SEC schools. Of course a large part of the problem is that the computer system told us who was a legacy of any chapter that year and the problem was mostly fixed by changing the program so it only displayed each chapter's own legacies.
And there was one case, in the third year, where a chapter who had always made quota fell short by 4 or 5 women. But I don't see that as a flaw in the system. They were able to pick up the extra women through COB anyway. And if ABC getting five short of quota means that XYZ was five members closer to quota than they usually were, then I don't really see the problem there.
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