I think it's highly probable, given the size of the Universe and billions of planets within it, that there is lots of other life out there and yes some of it is likely to be more advanced, technologically, than us. I don't have faith in this belief, it's simply conjecture based on probability from things like the Drake Equation and the fact that life evolved here on our planet, so logically, it may happen elsewhere in the Universe too.
The Drake equation is essentially meaningless and was never intended as anything other than a means of starting a discussion on the subject. In order to use the equation to get a result with any degree of accuracy, you would have to know the result to about the same degree of accuracy.
Right now, it's about as useful and relevant as this equation:
z = a + b + d + something probably about 75 + f + p
All we really know at the moment is this:
The chance of intelligent life existing is not zero.
The universe is very large indeed.
I wouldn't say that it's highly probable that there is lots of life out there or that if there is then some of those people are significantly more advanced than us because we just don't know enough. Maybe it's so freakishly unlikely that at the moment there's only us. Maybe it's common and there are billions of species of people in the universe today and many of them are far more intelligent than us and have far more advanced technology.