I think there is good reason to think coming up with an actual VNM representation of human preferences would not be a very good approximation. On the other hand as long as you don't program an AI in that way -- with an explicit utility function -- then I think it is unlikely to be dangerous even if it does not have exactly human values. This is why I said the most important thing is to make sure that the AI does not have a utility function. I'm trying to do a discussion post on that now but something's gone wrong (with the posting).
I thought you could map an unbounded function to a bounded one to produce the same behavior, but actually you may be right that this is not really possible since you have to multiply your utilities by probabilities. I would have to think about that more.
It's awfully suspicious to say that the one goal architecture that is coherent enough to analyse easily is dangerous but that all others are safe. More concretely, humans are not VNM-rational (as you pointed out), and often pose threats to other agents anyway. Also, an AI does not have to be programmed with an explicit utility function in order to be VNM rational, and thus to behave like it has a utility function.
...I thought you could map an unbounded function to a bounded one to produce the same behavior, but actually you may be right that this is not rea
Edge.org has recently been discussing "the myth of AI". Unfortunately, although Superintelligence is cited in the opening, most of the participants don't seem to have looked into Bostrom's arguments. (Luke has written a brief response to some of the misunderstandings Pinker and others exhibit.) The most interesting comment is Stuart Russell's, at the very bottom:
I'd quibble with a point or two, but this strikes me as an extraordinarily good introduction to the issue. I hope it gets reposted somewhere it can stand on its own.
Russell has previously written on this topic in Artificial Intelligence: A Modern Approach and the essays "The long-term future of AI," "Transcending complacency on superintelligent machines," and "An AI researcher enjoys watching his own execution." He's also been interviewed by GiveWell.