Even if it does exist, we're likely so spread out most species would evolve and die out long before contact was established.
We're constantly looking for planets that could support life. It's safe to assume they'd be doing the same. If life out there is similar to life down here, Earth would be REALLY appealing. If we haven't been found yet, we're probably not going to be found soon. Heck, we're probably more likely to find them at this point and, if we did, they're likely not "intelligent life".
Also, as far as we know, life only occurred here once. Maybe it's begun and failed many times, maybe it hasn't, we don't know. The point is, we have absolutely no clue how likely or unlikely life is to occur. It's like reaching into a box of indeterminate size full of marbles and pulling out a red one. All you know is "there was a red marble" there's no guessing what the odds if pulling another is. Maybe they're all red. Maybe half of them are. Maybe that was the only one. Maybe there are no two of the same color. Who knows?
To be honest, debating alien life at this point is pretty similar to debating god. Does it exist? Maybe yes, maybe no, but as of now we can't do anything more than search and speculate. It [i][b]can[/b][/i] be a fun debate (extra emphasis on "can", not "is" or "will be") but the actual truth is irrelevant; only your perception of it has any bearing on your life.
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I think we are more likely to find artificial life, robots. Leftover from some long dead race.
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There's a lot of logic to that. We've already sent out deep space probes and will continue to do so. Manned expeditions aren't nearly as efficient.