As a former president of a fraternity, I think I ought to weight in here. We're largely self governed organizations, or at least that's how it is at Mizzou. This allows a great deal of freedom in planning events, weather they be social, philanthropic, service or sports. The downside is that if you screw up, you stand to lose a lot.
Let me tell you, managing an $100,000+ budget and an 80 man house taught me more about the way the world works than any class. I know everyone automatically thinks of "Animal House" when the word fraternity is brought up in conversion. Obviously the movie was a comedy and not the gods honest truth, but you can imagine the negative stereotypes that come with that image.
I'm not going to lie to you and say that we don't party, drink, etc, but at the same time you have to weight that against the literally thousands of dollars and thousands of hours devoted to philanthropy and service in the community. Realize too, that as several others have mentioned, you join a fraternity because you like the people in it and you like what the organization does. You party with your friends, and your friends happen to be part of the fraternity you joined.
Weather or not it's good for you resume can really depend on who you're applying for. I've put it on there before, but mostly because I was the president. I seldom use it anyway. I also happen to be a Freemason, though I typically don't include that on a resume either. There are more important things I can put in that value amount of space.
It's true that there's a great deal of networking that comes with being in fraternity. I've met brothers all over the country and beyond,and each one is always willing to lend me a hand. It's a good feeling knowing that I can travel virtually anywhere in the country and I will know someone there. I travel a lot and I've made a habit of visiting brothers and chapter houses if there happens to be one near where I'm visiting. It's a rewarding experience and I've met some amazing people along the way.
I don't mean to stand on a soapbox and preach to everybody. Since the OP mentioned talking about experiences and memories, I felt in appropriate to chime in.