Yes, there is extraterrestrial life. We have discovered it already. I don't know about the benefits and dangers but maybe smart life forms might bring bomb-ass sticky-icky! I really don't care if we run a beacon or not... we should send pictures of our nude ladies. I run SETI@home because I'm not doing anything constructive/produtive with this computer. With this atleast I'm doing SOMETHING.
SETI@home and Astropulse are funded by grants from the National Science Foundation, NASA, and donations from SETI@home volunteers. AstroPulse is funded in part by the NSF through grant AST-0307956.