Is Hedonistic Pleasure the Highest Good?

Some people claim that the pursuit of pleasure is the highest and even only good. In response to such a claim, the philosopher Robert Nozick offers this thought experiment in his book Anarchy, State, and Utopia (1974):
“Suppose there was an experience machine that would give you any experience you desired. Super-duper neuropsychologists could stimulate your brain so that you would think and feel you were writing a great novel, or making a friend, or reading an interesting book. All the time you would be floating in a tank, with electrodes attached to your brain. Should you plug into this machine for life, preprogramming your life experiences?”

If we desire to live a life of hedonism (pleasure as the highest good), why not get plugged in?

What is the place of pleasure? Is this the ultimate good? What are arguments in its favor? What are some problems with hedonism? Should we get plugged in to this virtual reality if we have the opportunity?