My first-year got an invite for this, as did his roommate (and I would guess every other first and second year student in the top 20%/3.4 plus GPA).
From what I can see, while it's not a pure vanity-organization, but I don't see any benefit in forking out $75 for membership unless the student is going to be an officer or actively pursue one of the scholarships they offer.
Anyone have any personal experinece with this organization? It's relatively new, being founded in 1994 at GWU with 228 chapters today.
My kid doesn't need the resume-padding aspect, and that would seem to be the primary attraction.