Well, at the very least there has to be a "space" of experiences where they can be represented and related to each other. This representation space needs to also include possible outcomes for the agent goals, this will color every perception into shades of "good" and "bad". This would explain how we can represent and value our experiences. Why do they feel like anything then? I bet it's because we have evolved hardware for it, and equally because we're playing a game with real stakes (the human game of life).