To respond to some reps, yes, the college system is a 'European Model' in that it more or less originated at Oxbridge. In the early twentieth century, Yale instituted a similar residential college system in which students are associated with their colleges for the duration of their time with the university (and after), for the purposes of dining, studying, and socializing, and living. These institutions, however, don't at all have the autonomy of their european counterparts, are governed by residential housing departments, and aren't technically independent entities at all (as I understand them). They don't have the power to enroll or discipline students, overrule the university, and, most significantly, aren't independent in their teaching and faculties.
In the '50s, Rice instituted a similar model -- residential colleges housed around a quadrangle with individual histories and social scenes -- and, as far as I know, this is the model Hatch seeks to emulate. In my opinion, this is all an effort to move away from Greek culture and more towards a communal social life for the university.