Summary: the problem with Pascal's Mugging arguments is that, intuitively, some probabilities are just too small to care about. There might be a principled reason for ignoring some probabilities, namely that they violate an implicit assumption behind expected utility theory. This suggests a possible approach for formally defining a "probability small enough to ignore", though there's still a bit of arbitrariness in it.
I think real people have preferences whose weights decay with distance -- geographical, temporal and conceptual. I think it would be reasonable for artificial agents to do likewise. Whether the particular mode of decay I describe resembles real people's, or would make an artificial agent tend to behave in ways we'd want, I don't know. As I've already indicated, I'm not claiming to be doing more than sketch what some kinda-plausible bounded-utility agents might look like.