The purpose of life is not to be happy. It is to be useful, to be honorable, to be compassionate, to have it make some difference that you have lived and lived well.
I think it would be a disaster. The extraterrestrials would probably be far in advance of us. The history of advanced races meeting more primitive people on this planet is not very happy, and they were the same species. I think we should keep our heads low.
We are just an advanced breed of monkeys on a minor planet of a very average star. But we can understand the Universe. That makes us something very special.