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I think "pleasure" and "suffering" are very meaningful and that the prospects of finding decent metrics for each are good over the long term. The problem I have with hedonistic utilitarianism is that hedons are not what I want to maximize. Don't you ever pass up opportunities to do something you know will bring you more pleasure (even in the long run), in order to achieve some other value and don't regret doing so?
Yeah, I've drifted away from hedonistic utilitarianism over time and don't particularly want to try to defend it here.