It makes ethical progress and comparisons impossible. Extreme or individual relativism. There are no binding ethical principles. There are ethical standards applicable to all people, based on common human nature. Arguably, it need not necessarily be hedonistic.
Utilitarianism is the basic form taken by teleological approaches.
Moral judgments depend on value judgments. Seek the good. The good is the moral. It does not necessarily follow that one is obligated to do the good. The good refers to value, the right to action.