What we have here is a kind of a low budget thriller, once again involving America's youth with their well known flawless logic. Cue the sarcasm detection!
I hate these annoying fucking fraternities, pledges and initiation bullshit films. Of course, the plot is really original: Think of a way to initiate pledges, have someone fuck it up, all hell and chaos break loose, see the group fall apart, be a man - suck it in and shut the fuck up about it, and get busted in the end regardless. Wow, I have never seen that before!
However, since it's low budget, and has amazingly believable and well developed characters - I can't just go guns blazing. Also, the background story is well written and a lot of attention was given to detail. Let's just say I wasn't that much disappointed when it ended.
All in all, it's worth a watch, and it gets 7 out of 10.