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Elithrion comments on Population Ethics Shouldn't Be About Maximizing Utility - Less Wrong Discussion
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But what if mere paper clip satisficers simply aren't capable of experiencing the full joy of being a great paperclip maximiser who has paperclipped the universe? I think the simplest solution is to measure joy in number of paperclips made =]
Paperclip satisficers, by definition, are completely happy with producing their paperclips, and absolutely don't mind missing the joys of being a paperclip maximizer.
Essentially, it is a question of what happens first. If as a first step we replace all human beings with enough paperclip satisficers to increase the total utility, in the resulting world nobody will attempt to create a paperclip maximizer. If something else happens first, the results may be completely different.