Faré comments on Three Worlds Decide (5/8) - Less Wrong
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And while I'm at it -- confusing pleasure and happiness is particularly dumb. Entities that would do that would be wiped from existence in a handful of generations, and not super-powerful. Habituation is how we keep functioning at the margin, where the effort is needed. The whole idea of a moral duty to minimize other people's pain is ridiculous, yet taken for granted in this whole story. Eliezer, you obviously are still under the influence of the judeo-christian superstitions you learned as a child.
If you're looking for an abstract value to maximize, well, it's time to shut up and eat your food. http://sifter.org/~simon/journal/20090103.h.html