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An advantage to having a system where the university provides housing for each sorority/fraternity within the dorms is that it "levels" the playing field so to speak. Since the high costs of providing a building comparable to the others already present on campus (particularly at big Greek schools), this system makes it easier for a new chapter to set up at a school. In addition, when Greeks live in general student housing, it gives a great opportunity for greek-independent relationships to be built.
A disadvantage is that such systems don't often offer the personality of the different chapter houses. I've always enjoyed visiting campuses and seeing the wonderful variety of Greek living available.
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