A putative new idea for AI control; index here.
Part of the problem with a reduced impact AI is that it will, by definition, only have a reduced impact.
Some of the designs try and get around the problem by allowing a special "output channel" on which impact can be large. But that feels like cheating. Here is a design that accomplishes the same without using that kind of hack.
Imagine there is an asteroid that will hit the Earth, and we have a laser that could destroy it. But we need to aim the laser properly, so need coordinates. There is a reduced impact AI that is motivated to give the coordinates correctly, but also motivated to have reduced impact - and saving the planet from an asteroid with certainty is not reduced impact.
Now imagine that instead there are two AIs, X and Y. By abuse of notation, let ¬X refer to the event that the output signal from X is scrambled away from the the original output.
Then we ask X to give us the x-coordinates for the laser, under the assumption of ¬Y (that AI Y's signal will be scrambled). Similarly, we Y to give us the y-coordinates of the laser, under the assumption ¬X.
Then X will reason "since ¬Y, the laser will certainly miss its target, as the y-coordinates will be wrong. Therefore it is reduced impact to output the correct x-coordinates, so I shall." Similarly, Y will output the right y-coordinates, the laser will fire and destroy the asteroid, having a huge impact, hooray!
The approach is not fully general yet, because we can have "subagent problems". X could create an agent that behave nicely given ¬Y (the assumption it was given), but completely crazily given Y (the reality). But it shows how we could get high impact from slight tweaks to reduced impact.
EDIT: For those worried about lying to the AIs, do recall http://lesswrong.com/r/discussion/lw/lyh/utility_vs_probability_idea_synthesis/ and http://lesswrong.com/lw/ltf/false_thermodynamic_miracles/