Based on the Wiki article, we're looking at something on the order of millions for $N$ just in our galaxy. So far, we see there to only be us. This could be the result of a failure in the theory that led to the Drake Equation, or a lack of knowledge regarding the parameters. We really don't know too much regarding the parameters, thus extensive efforts are being made to obtain more accurate, parametric depictions of reality w.r.t the number of communicative civilizations.
But if $N$ is in the millions just for our galaxy, then where is everyone?! We look up and see nothing! This is the Fermi Paradox.
A theory is regarded as a good descriptor of the real, physical world, when its predictions explain, and match observations. At the moment, the Drake Equation doesn't. What it has done however is motivate our race to find others somewhat like us, which will in turn allow us to tweak the theory so that it yields consistent predictions.