It's possible for an argument to fail to consider some evidence and so mislead, but this isn't a problem with expected utility maximisation, it's just assigning an incorrect distribution for the marginal utilities. Certainly overly formal analyses can fail for real-world problems, but half-Bayesian ad-hoc mathematics won't help.

This was exactly my initial reaction to Holden's post. But either myself or somebody else needs to explain this response in more detail.