I do think that extraterrestiral life exists. I am a big fan of Whitley Strieber and his \\"Communion\\" Series of books. I have had my own experiences that are similar to Whitley\\'s that he discribes in his books.
When and how other life is discovered is still debateable,although I personally believe that the Bible is littered with accounts of visits from other worlds. Read Ezekial Chapter 1, for example.
The possible benefits of meeting other life is our shared interest in scientific researchand urge to explore.
There are many pros and cons to meeting other life. The two top pros and cons would be that they would be friendly and would want to be friedns or they would be hostile and want to take us over.
I run the SETI@home program because I want to be a part of finding answers to age old quetions about where we came from and where we\\'re going.