I would guess extraterrestrial life exists, however, the Universe is a pretty Vast place - almost incomprehensibly vast. I am somewhat skeptical that we will encounter any other advanced life in my lifetime. Although, I am really hoping we will. No matter what the outcome(with a couple extreme exceptions), we will most certainly grow and learn from the experience.
It is somewhat of a gamble on the possible outcome of meeting another advanced civilization as it is almost impossible to predict what they may be like? We have attempted to predict with books and movies, however, they are mostly based on our own morality and perspective. We don't have a lot of reasonable comparisons to our own humanity. It would be like the first time I travelled overseas to Asia and visited some very poor cities in Thailand, I could Never have imagined the Culture (even through Stories and Pictures). I am sure encountering another civilization will be quite different from any of our expectations.
I run SETI@Home because if we do encounter another civilization, it will most likely be through this means. It is a pretty cool project to have so many people involved, if nothing more, it gives us a way to think about more than just ourselves and we can all participate in something that is truly a next step in our history.
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