I feel like this post is dated by the fact that it came before Pascal's Mugging discussions to the point of being fairly wrong. The problem with Pascal's Wager actually is that the payoffs are really high, so they overwhelm an unbounded utility function (and they don't precisely cancel out, since we do have a little evidence). On the other hand, I suppose the core point that you shouldn't dismiss things out of hand if they have a low (but not tiny) probability and a large payoff is sound.
I think you're confusing Pascal's Wager with Pascal's Mugging. The problem with Pascal's Mugging is that the payoffs are really high. The problem with Pascal's Wager is that it fails to consider any hypotheses other than "there is the christian god" and "there is no god".
Today's post, The Pascal's Wager Fallacy Fallacy was originally published on 18 March 2009. A summary (taken from the LW wiki):
Discuss the post here (rather than in the comments to the original post).
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