Summary: the problem with Pascal's Mugging arguments is that, intuitively, some probabilities are just too small to care about. There might be a principled reason for ignoring some probabilities, namely that they violate an implicit assumption behind expected utility theory. This suggests a possible approach for formally defining a "probability small enough to ignore", though there's still a bit of arbitrariness in it.
Some more extreme possibilities on the lifespan problem: Should you figure in the possibility of life extension? The possibility of immortality?
What about Many Worlds? If you count alternate versions of yourself as you, then low probability bets make more sense.