That depends on whether the paperclip maximizer is sentient, whether it just makes paperclips or it actually enjoys making paperclips, etc.
All those concepts seem to be vague. To be sentient, to enjoy. Do you need to figure out how to define those concepts mathematically before you'll be able to implement CEV? Or are you just going to let extrapolated human volition decide about that? If so, how can you possible make claims about how valuable, or how much the preference of a paperclip maximizer matter? Maybe it will all turn out to be wireheading in the end...
What is really weird is that Yudkowsky is using the word right in reference to actions affecting other agents, yet doesn't think that it would be reasonable to assign moral weight to the preferences of a paperclip maximizer.
CEV will decide. In general, it seems unlikely that the preferences of nonsentient objects will have moral value.
Edit: Looking back, this comment doesn't really address the parent. Extrapolated human volition will be used to determine which things are morally significant. I think it is relatively probable that wireheading might turn out to be morally necessary. Eliezer does think that the preferences of a paperclip maximizer would have moral value if one existed. (If a nonexistent paperclip maximizer had moral worth, so would a nonexistent paperclip minimi...
In You Provably Can't Trust Yourself, Eliezer tried to figured out why his audience didn't understand his meta-ethics sequence even after they had followed him through philosophy of language and quantum physics. Meta-ethics is my specialty, and I can't figure out what Eliezer's meta-ethical position is. And at least at this point, professionals like Robin Hanson and Toby Ord couldn't figure it out, either.
Part of the problem is that because Eliezer has gotten little value from professional philosophy, he writes about morality in a highly idiosyncratic way, using terms that would require reading hundreds of posts to understand. I might understand Eliezer's meta-ethics better if he would just cough up his positions on standard meta-ethical debates like cognitivism, motivation, the sources of normativity, moral epistemology, and so on. Nick Beckstead recently told me he thinks Eliezer's meta-ethical views are similar to those of Michael Smith, but I'm not seeing it.
If you think you can help me (and others) understand Eliezer's meta-ethical theory, please leave a comment!
Update: This comment by Richard Chappell made sense of Eliezer's meta-ethics for me.