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Yeah. You would think that given our rate of development, we might be a bit more adventurous with our extrapolations. Then again, a large contingent of us believe that this entire universe was created for us.
One thing that really excites me about SETI are the possible surprises that await us. If we are lucky enough to detect other intelligence out there, I am certain that we will have to do some serious reassessing of our current situation. That's why even though this hypothesis seems misguided, I am all for collecting more information on extra-solar systems and planets. Every bit of data is a clue, and we'll probably find valuable information where we didn't expect it. Even the lack of a signal is good data.
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Yes, I always thought the Drake equation was pretty much worthless.
It is interesting that SETI just looks at the hydrogen line frequency. At least they did last time I checked. http://www.setileague.org/askdr/hydrogen.htm But IMO the reasoning for that is a bit better than city lights.