I'd like to share my opinions. More "should Greeks face minimum standards" rather than should SN; since I'm SK.
My sorority has Standards of Excellence which also has a minimum standards. All the things that are needed to meet minimum standards are really basic and imho don't have much gray interpretation. But to get a Star of Exellence there is plenty of gray.
So how is it handled? SELF EVALUATION! The people filling out the evaluations are the chapter officers and advisors. I'd say if the new SN program doesn't have some type of self evaluation then you should definitely suggest it!
I think S.O.E. is a great program. It really provides the chapter with great goals and it can show how much a chapter has improved.
Three semesters seems too short though. Three years seems more agreeable. Because not every solution can be implemented in a year and not every proplem can be fixed in a single year.