From lack of contact with other civilization I'd assume that there is something too optimistic in Drake Equation.
How does that follow when you don't know what the values of the terms are - for all you know the Drake equation predicts that contact is extremely unlikely.
The more optimistic figures suggest 182 million civilization-bearing stars in our galaxy (fulfilling the parameters) ... given a estimate 100-400 billion stars in our galaxy to start with, this gives 0.04-0.2% of stars with civilization.
0.122 stars per cubic parsec (around us) means an expectation of 16-27pc ... the long range being of the order of 100ly. Any signals they could be getting right now would have come from 100 years ago ... clearly it's not us sending them.
To put this in perspective - imagine they are us.
100 years ago we would not have been able to put out the kind of signals that a project like SETI would have spotted. The closer distance (16pc) would be getting whatever we put out in the mid 50s. They would conclude that our Sun did not have a civilization in it... even though the guess wasn't far off.
And then - this is deliberately a very optimistic guess indeed so the situation is more likely to be worse than that.
The most pessimistic guess makes us the only civilization in the galaxy - and probably in the observable Universe.
However, the Drake equation itself does not make these estimate big or small ... it does not say anything about the actual number of civilizations. The main reason we have not detected other civilizations so far can still be accounted for by the huge size of the galaxy.
Drakes own lower bound in the original conference suggests we still have some centuries to wait to find them.
http://en.wikipedia.org/wiki/Drake_equation#Equation_results