"The Wandering Underpants Circus of Debauchery" has one problem. Debauchery has the unfortunate connotation of excess-- it's not self regulating. (Look at the 7 of Cups in Crowley's Thoth deck, sometime. It's all droopy and syrupy and fucked up looking.)
I propose "The Wandering Underpants Circus of Hedonism." Hedonism, unlike debauchery, puts pleasure as the highest virtue. But one of the variables involved is time as well as quantity. If you drink TOO much, that isn't pleasurable. If you get yourself hooked on heroin, that isn't pleasurable. If you fuck over the people you care about strictly in the pursuit of pleasure, it also won't likely lead you to pleasure. At the least, eventually word gets around and you're drinking alone in a bar somewhere. The most fun is the fun that is shared. And, at least in my experience, the things I can give to other people -- pleasure amongst them -- tend to have a more lasting effect for me than the things that I experience or consume alone. It's forgotten. Just like meals. How much less fun is it to cook for yourself every day?
Of course, no matter WHAT you do, there are unpleasant things that occur in life. That can't be avoided, and in fact even many forms of discomfort lead to heightened capacities for pleasure -- for instance, yoga, especially at first, can be very unpleasant, but it increases capacity for pleasure. So I'd consider it hedonistic. Avoiding all pain and displeasure compulsively leads to an increase of those things in the future, as well as an increased possibility to run into disaster because you have your blinders on. So increasing awareness is also hedonistic, as is self improvement. However, on the flip side, if you go too far with that, it also ceases to be fun. And so you have a constant self-regulation process, where maybe at a given point you're not necessarily at the ideal "state" but if there are regulation mechanisms in place, short of those things that knock you way outside the range and take a long time to regain stasis (if it ever occurs)-- death, death of a loved one, a horrible disease, etc-- you're always operating in regard to that ideal state. Basically what I'm describing is any basic self-regulating system, like a thermostat.
Hedonism, in other words, is actually a MIDDLE path. And, though I'm half kidding with all this, the truth is that I'm starting to realize that it's the most simple and direct guiding principle in my life.
Well. Anyway, that was weird."Indeed.