selylindi comments on We Don't Have a Utility Function - Less Wrong
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TimS mentioned moral anti-realism as one possibility. I have a favorable opinion of desire utilitarianism (search for pros and cons), which is a system that would be compatible with another possibility: real and objective values, but not necessarily any terminal values.
By analogy, such a situation would be a description for moral values like epistemological coherentism (versus foundationalism) describes knowledge. The mental model could be a web rather than a hierarchy. At least it's a possibility -- I don't intend to argue for or against it right now as I have minimal evidence.