If they're very similar to us (probably not, but let's just assume they have the same vocal and auditory capabilities) then everyone would want to learn their language. We'd want to know EVERYTHING about their history and that of any species they'd visited. Not to mention the technology, philosophy, literature, art, science, math, music (maybe)...etc.
A dozen new academic fields in the blink of an eye. Possibly interstellar commerce. More international co-operation than ever before (hopefully). What if they're religious and have similar or contradictory religions to us, or what if they're not. How do earth folk react?