I just did some research on this organization since my daughter and I received an invitation a few days ago. Her university had a page on their website about 'How to Judge an Honor Society.' Here is the link:
Ball State University - How to Judge an Honor Society
Apparently there is another organization called Association of College Honors Societies that determines, according to strict criteria, whether or not an honors society is legit. You can read their criteria on their website and check out which organization have been OK'd:
ACHS Membership Information
I also checked out the web page of the chapter at Ball State, and it seems to be fairly active -- there are requirements for a student to be "active" in the local chapter, including meeting attendance, participation in community service events and 'Planning for College Success' events. There also appeared to be social events scheduled. There were lots of pics on the website of students at events.
Can't remember where I read it now, but one site I researched said this organization awards more scholarship dollars than any other honors society.
Sounds like it could be worthwhile to me. I'm going to encourage her to go for it.