Keep in mind that the receivers used for SETI are designed to find constant or slowly pulsed carrier signals… something like a flute tone against the noise of a waterfall.
In order to understand anything that E.T. might be saying to us, we'll have to build far larger instruments to look for the modulation of his signal. It's more than likely that, once a detection is made, the money will become available to build this far larger instrument.
Until we can measure the modulation, all we'll know is that there is intelligence out there. We can pinpoint the spot on the sky where the signal is coming from, and slow changes in its frequency will tell us something about the rotation and orbital motion of E.T.'s home planet.
Even with this limited information, the detection of alien intelligence will be an enormously big story. We'll know we're not alone, and we're not the smartest things in the universe.
Then what? Suppose we get the message? Will we understand it? No one knows, of course. It's conceivable that an advanced and altruistic civilization will send us simple pictures and other information.
Then what?