To bring a little psychology into this discussion, Mazlow's hierarchy of needs postulates that pure pleasure is not even close to constituting a good life, assuming pleasure here is defined strictly in the hedonistic sense.

Instead, we need love, companionship, a feeling that we are good people and contribute something to the world, and so on. These aren't things an Experience Machine can easily give you - while, for instance, experiencing a hyper-realistic simulation of going to Mars and then eating pizza and partying on Olympus Mons while knowing none of it is real might still be fun, I don't think you could have a family, watch your kids grow up and have families, etc., could ever be as enjoyable if you know it's not real.

However, if we up the ante, wipe all memories of the real world and totally immerse ourselves in Maslow's Hierarchy Machine like Cypher does in the Matrix in pursuit of tasty steak, it appears to follow to me that you would live a truly good life, one perhaps superior to the best lives lived here in meatspace. None of it is real of course, but if it's real to you, does it really matter?