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MugaSofer comments on A Much Better Life? - Less Wrong
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Humans evaluate decisions using their current utility function, not their future utility function as a potential consequence of that decision. Using my current utility function, wireheading means I will never accomplish anything again ever, and thus I view it as having very negative utility.
It's worth noting that the example is an Experience Machine, not wireheading. In theory, your current utility function might not be changed by such a Better Life. It might just show how much Better it really is.
Of course, it's clearly unethical to use such a device because of the opportunity cost, but then the same is true of sports cars.