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jsteinhardt comments on Against utility functions - Less Wrong Discussion
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It's more than a metaphor; a utility function is the structure any consistent preference ordering that respects probability must have. It may or may not be a useful conceptual tool for practical human ethical reasoning, but "just a metaphor" is too strong a judgment.
I don't think I have much to add to this discussion that you guys aren't already going to have covered, except to note that Qiaochu definitely understands what a utility function is and all of the standard arguments for why they "should" exist, so his beliefs are not a function of not having heard these arguments (just noting this because this thread and some of the siblings seem to be trying to explain basic concepts to Qiaochu that I'm confident he already knows, and I'm hoping that pointing this out will speed up the discussion).