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Liron comments on VNM expected utility theory: uses, abuses, and interpretation - Less Wrong
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It's not really an issue of impracticality. It's just that, any time you have a higher-level class of utility, the lower-level classes of utility stop being relevant to your decisions. No matter how precise the algorithm is. That's why I say it's extra complexity with no optimization benefit. Since the extra structure doesn't even map better to my intuition about preference, I just Occam-shave it away.
Wait... certainly, if you lexicographically value (brightness, redness) of a light, and somehow manage to be in a scenario where you can't make the light brighter, and somehow manage to know that, then the redness value becomes relevant.
What I mean is that the environment itself makes such precise situations rare (a non-practical issue), and an imprecise algorithm makes it hard to detect when, if ever, they occur (a practical issue).