I'm Alpha Lambda Delta, Alpha Chi, and Alpha kappa Mu. I'm in the university honors program, and will be in Phi Kappa Phi in the spring as well as Gamma Sigma Delta (my major's society). Didn't do Golden Key.
I haven't applied yet (will this summer), but I suspect that it doesn't really do anything. Helps fill out a resume, maybe. I joined because I'm a first-generation college graduate, and I wanted something to make my parents proud. It's a point of pride with me, and helps me feel like I'm doing everything I can to be successful and not slacking off. I'm a junior, and I've already finished all of the honors requirements, and I've gotten into Phi Kappa Phi when it's the hardest (top 5% of juniors, top 7.5% seniors). I'm also addicted to hanging frames on my wall. People say it makes me a gunner, but I'm 28 and have been in the regular-jackoff workforce already. I don't plan on going back.
Don't bother going to the stupid induction ceremonies, unless you like wasting your time while wearing a tie.
I wouldn't do golden key at all, though, if I were you. It's widely regarded as being a load of bull. The only way you can come out of it without looking like a complete douche is if you have a personal story that dignifies it, or if you just don't give a crap. Alot of people laugh at golden key inductees. Also, consider number of students able to be inducted, with the percentage they allow.
Other societies are generally more accepted: somehow they're considered "true" honors societies. They all just take your money and put your name on a list somewhere. You might get a certificate months later. University honors comes in handy, like with pre-registration and smaller class sizes. The university honors classes are usually harder, which help keep you interested (if you're tired of the "teaching to the lower 10%" rule) and are capped lower. And, it helps to win arguments by saying that you're in every possible honors society on the campus (at least it does with me, because I'm a minority on my campus and it makes everybody look pretty stupid). At NCA&T this year, only about 60 undergrads out of 9000 were inducted into AKM and AC.
If you already knew this stuff, then don't cry to me about it.
