DanielLC comments on Deconstructing the riddle of experience vs. memory - Less Wrong Discussion
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I think it might be better to remove the other effects. If you could pick between having fun and remembering having fun, all else being equal, which would you choose?
If that's the case, then I think it depends on how frequently you get to have fun in the present.
The value of remembering having fun greatly exceeds the value of having fun if you don't get to have fun very often -- because memories can continue to bring happiness through reflection. But if you get to have fun all the time, then the memories lose much of their value. If you have fun ALL of the time, then there's very little time to reflect on memories.
So,
which do you choose?
I like this because 1 has the benefit of being closer to the actual human experience.