The theory that emerged from Bentham’s principle was that an action is judged by good or bad, according to the results it achieved. This is called Act Utilitarianism and works based on the higher the general happiness, the more valid an action. The opposing idea of Utilitarianism is Rule utilitarianism, which operates on a similar principle, but there are some standard rules that must be applied.
Act Utilitarianism is not saying that as long as the action make you happy it is valid, as this would make the principle selfish. Bentham operates on the General Benevolence idea, that you should never put your happiness before others, as everyone is equal in their right to happiness.
This of course gives rise to the question of how to measure the happiness that results from an action, although Bentham does give guidelines for that. He argued that the duration of the happiness, the intensity, the likelihood of it should measure it, as well as the freedom from pain it involves, and if it might lead onto further happiness.
Bentham’s view is that following this principle of seeking the happiness of the majority would also benefit the individual who did so, and would itself lead to that individual’s greatest happiness.
It is a popular theory and does not require any specialist beliefs to follow, as it does not place any emphasis on pre-ordained rules that usually come from some form of higher power. Most people find it acceptable, as the actions of an Act Utilitarian would benefit as many people as possible. It is sometimes viewed as the moral side of democracy which is what Bentham was aiming for and offered a simple standard to base all our decisions on.
However it has many flaws, a main one being that there are many forms of pleasure and happiness, and they are each valued differently by different people, so what you may consider to be the greatest pleasure may not be enjoyed by someone else. In addition, it is impossible to predict all consequences from your actions, so it is nigh impossible to predict the total amount of happiness as a result. Another flaw is that even if the action is for the greatest happiness of the greatest number, the action may not result in making you happy, and most people are reluctant to do something that is not of any benefit to us.
The most obvious flaw, which also applies to Rule Utilitarianism as well, is that although it gives you guidance on how to act it still does not answer why. It does not address the reasoning behind the greatest good for the greatest number other than to achieve the greatest good for the greatest number.
So while Bentham’s view of utilitarianism is a good one for the democratic masses, it can not be used as an ethical basis on it’s own, and must use another ethical theory or belief as well to answer the question of why we should act in this way.