the current numbers are just an initial guess, don't worry. but i think it's enough bonus happiness. you really can't compare with vanilla, in VP currently a luxury typically gives you 2 or 3 happiness for most of the game. and remember, this is just the bonus happiness. you get 1 base happiness in any case.
I misread the saturation as being scaled off of population, rather than number of luxuries. My mistake.
Still, however, I maintain that those numbers are small. Those numbers need to be bigger.
Parity with the current system should not be the goal I think, because the current system devalues luxuries. People don't care about luxury diversity, only their monopolies. Right now, the reduction in poverty from a +3
on tile monopoly does more to eliminate unhappiness than the actual luxury mechanic. I can't speak for others, but I know that my early settling strategy revolves around securing 1 luxury, rather than securing an assortment of luxuries. It doesn't seem like there's much reward for risky play and forward settling in the new system; I used to do that to get more different luxuries, but now I don't even care.
The other issue is that trading luxuries should be the short term solution to patching up a problem with your happiness, but they don't work that way right now. You pay those extortionate rates, up to 30
per turn, to other civs for enough happiness to manage through a problem with your needs. However, 2-3
doesn't provide you enough cushion. You'd be far better off using the gold you would have spent trading luxuries, and rushing more buildings. The luxury saturation mechanic will also act against luxury resource's ability to act as this sort of emergency button. The AI also continues to overvalue luxuries, offering 10+
for something of little worth.
TL;DR - I maintain that the happiness from luxuries should be higher than it is now. 95% asymptotic Scaling on luxuries hurts their value as tradable resources.