Ok. Here's my take and view and I've studied this thing for a second.
This isn't real by any means. This is just like Bangbus. Everyone is in on it. First clue: Locations. I know that all of us that went to college liked the place we went to. But did we hang banners of our school and posters of our school in our dorm room? Also, how come every dorm room has the same look? It's because they shift the furniture around and film a new scene. The other giveaway is this:
http://www.sexyjobs.com/jobdetails.asp?ID=26837 This is an advertisement on an adult modeling website to be on the site. Clue 2: The people. Many of the girls have been ID'd and a great many haven't. Based on the most famous and missing episode FAMU, it was easy to discover how it all works. The people that try out are 18 - 25 and they agree to do certain things. Some will be extras, some will just do blowjobs, some will do girl girl stuff and some will do boy-girl. They get paid accordingly. If this was fake, you would need a release for everyone on camera or else you would have to blur them. Notice, no one is ever blurred. They fly you in to one of two locations: California or Florida. Arrange a room to look like their target school. Hand out assignments on who does what. Give out cameras and away they go. If things don't go as planned then they jump cut to something else. Last clue: Website. The first dozen or so videos were incredible because they pretty much had a good formula. A small group of people, flashing, and then around 15 minutes into the video....SEX. Now, the videos are nearly an hour long and one episode went 42 minutes before they got to the sex part. It had easily 20 people in it and only 2 people had sex. It was a waste of time. The people they are picking are coming from adult modeling places now instead of being people who were complete amateurs or webcam girls who didn't do online porn. It's starting to fall apart and as it does, the wizard behind the curtain is starting to become visible. If you can, watch one of the early videos and one of the last 5 episodes and you'll see what I mean. It seems that we get more partying and less sex as time goes on. This means that they are starting to run empty. If this was real, I would think that they would have a good handful of submissions that they could use. Plus, notice how the videos are shot. Each video is shaky (yeah), but are very bright and lit. It takes alot of light to view people on a view camera in a dorm. Heck, when they shot a video in a hotel room, they have to bring extra lights. Each video is very well lit. Each cameraman/woman seems to get the same sex poses (shot for shot).
So, I believe not only that this site is fake, but that it's losing steam fast. It may die by 2012.