The sheer number of stars and planets in the universe make it very likely that conditions favorable to life exist elsewhere. There are billions of stars and hundreds of billions of planets, so it is inconceivable that life would only exist on only one of them. The recent signal observed by SETI could indicate a solar system capable of supporting life.
Though I do believe it possible that life forms exist on other planets, I do believe that we have yet to ascertain if this "life" is anything greater than very basic organic matter. Scientist have yet to discover a climate on another planet suitable for sustaining life to the extent that Earth has. However, it doesn't mean that it doesn't exist beyond the reaches of what man as explored in space thus far. It is also possible that some other source of energy or scientific explanation exists regarding the source of the "signal" that SETI discovered. For instance, solar flares from the sun generate enough energy to impact us here on Earth.
Yes, there is life in other planets. Our universe is so vast. There are billions of stars, each one with planets. From a statistical point of view alone, it is likely that life exists in at least one of these other billions of planets. But there are other factors that point to this being plausible.
I am a strong believer in alien life. This doesn't mean I follow the big eye-ed, bulbous head, green creature theory. I do think that to consider life on Earth as the only form of life to exist in the universe terribly egocentric and a bit idiotic. This life may exist in some sort of sentient life or it could simply be at the plant and smaller forms right now. I do hope one day that we find some form of other life in the universe and a larger part of me hopes I will be alive to see that, but, realistically, that is unlikely to happen in my lifetime.