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TimFreeman comments on What is Metaethics? - Less Wrong
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At the end of the day, you're going to prefer one action over another. It might make sense to model someone as having multiple utility functions, but you also have to say that they all get added up (or combined some other way) so you can figure out the immediate outcome with the best preferred expected long-term utility and predict the person is going to take an action that gets them there.
I don't think very many people actually act in a way that suggests consistent optimization around a single factor; they optimize for multiple conflicting factors. I'd agree that you can evaluate the eventual compromise point, and I suppose you could say they optimize for that complex compromise. For me, it happens to be easier to model it as conflicting desires and a conflict resolution function layered on top, but I think we both agree on the actual result, which is that people aren't optimizing for a single clear goal like "happiness" or "lifetime income".
Prediction seems to run in to the issue that utility evaluations change over time. I used to place a high utility value on sweets, now I do not. I used to live in a location where going out to an event had a much higher cost, and thus was less often the ideal action. So on.
It strikes me as being rather like weather: You can predict general patterns, and even manage a decent 5-day forecast, but you're going to have a lot of trouble making specific long-term predictions.