Pavitra, I'd love to know what you think about my post on free will:

For example, children and some mentally handicapped people are not responsible in the same way as healthy adults. They cannot give consent or enter into legally binding contracts. One of the reasons for this is that they lack control, are easily influenced by others. Healthy humans exert a higher control than children and handicapped people. You experience, or possess a greater extent of freedom proportional to the amount of influence and effectiveness of control you exert over the environment versus the environment over you.

In other words, I think a paperclip maximizer is dangerous because it has more free will, i.e. is free to (not free from) realize what it wants as its effect on the universe is much larger than that of a human(s). An agent's perception to be free is therefore correlated with the ability to realize its goals, the probability of success.