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TheOtherDave comments on Holden's Objection 1: Friendliness is dangerous - Less Wrong
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But you're evading Wei_Dai's question here.
What criteria does the CEV-calculator use to choose among those options? I agree that significant computational power is also required, but it's not sufficient.
If we were able to formally specify the algorithm by which a CEV calculator should extrapolate our values, we would already have solved the Friendliness problem; your query is FAI-complete. But informally, we can say that the CEV evaluates by whatever values it has at a given step in its algorithm, and that the initial values are the ones held by the programmers.
The problem with this kind of reasoning (as the OP makes plain) is that there's no good reason to think such CEV maximization is even logically possible. Not only do we not have a solution, we don't have a well-defined problem.
(nods) Fair enough. I don't especially endorse that, but at least it's cogent.