Sadly I think that would be a paradise, but it will never be, because i have met the enemy and money is their God. for that kind of paradise to exist there would have to be a major culling of those at the top because i have met them,even worked in their homes, and the one thing they love more than their wealth is how it lets them look down upon others.
Hell look at the whole Paula Deen blowup, even the girl that started it all said it wasn't about race, it was about class, with Deen treating EVERYBODY that wasn't in her tax bracket as a nigger, no matter what the color of their skin. I have seen rich people trash practically new clothes rather than let a poor person have them, seen them have a giant catered affair and throw out a good 80% of it with a foodbank just down the road that would have been happy to take every bite, while i have met some truly nice rich people i have met way more that practically cum at the thought of those beneath them doing without, the world would be a better place without them in my opinion but to get to the utopia you describe you will have to get rid of them, they will NEVER give up being "superior" to the rest of us.
As for what would happen to those masses if such a utopia were allowed? the same thing that keeps them happy now only on a much more massive scale...virtual reality and the cyber world. after all there the ugly are beautiful, the weak are strong, like the Bruce Willis movie Surrogates they will spend most of their time living an ideal life, only there they can fly, be the hero, get the girl, nobody will give a shit that its not "real" because it will be their ultimate fantasies fulfilled.
Of course there will always be a need for guys like me, the guys that go around fixing things,but I LIKE fixing things and if doing so let people live a happier life while giving me plenty of free time for my music? Then as long as the state made sure I could get the supplies i want to make music as well as keep a roof over my head I'd be happy to keep fixing things until the end of my days. I'd just come home to my little GF who would rub my shoulders while I enjoyed her home cooking and would be quite happy, I don't need to be "above" others to be happy and would be quite content to keep right on fixing, learning a long time ago that money truly can't buy real happiness.