Yes ET exists. I'm not convinced searching a narrow band of radio frequencies is going to find him/her/it/"the collective", but it's worth a try until we think of a better way.
Finding "intelligent" life can only serve to improve life on earth.... or maybe provide an escape! We've been transmitting into the cosmos for the last 50 years. We should send something a little more intelligent like basic co-ordinates of Earth relative to major features of our galaxy... either that or reruns of M.A.S.H.
I run SETI because I'm addicted to increasing my result count (as every red blooded male should be).
The SETI project is worthwhile even if it does not produce a result in it's current form, because ultimately the idea of searching for ET will be successful.
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.