I actually found the paper highly amusing; to me it sounded like a joke that a dorky guy was having at his own expense. But I also find math jokes very funny.
Also funny, from io9’s commentary on it:
This aspiring economics researcher has made one of the most basic mistakes men make – especially men who are science fiction writers or scientists. He’s confused women with extraterrestrials.
There’s enough arguing to be done about the Drake Equation to begin with, but I think it’s a fair point to make that it’s even iffier if you’re taking it out of its context and trying to apply it to your dating life. That said, it’s still pretty amusing.