Damn, you beat me to it. No, the ontological argument is not a very good one.
Another version of the Ontological argument (from Descartes) goes like:
"The concept of God is of a being perfect in every way. Failure to exist would be an imperfection, therefore God must exist."
The main objection to this from Kant is that, as Meanie pointed out, existence is not a property.
St. Aslem's argument is a little different:
1. God is, by definition, a being that which nothing greater can be conceived.
2. The atheist thinks there is no God.
3. If the atheist thinks this, then (by definition) she thinks there is no being that which nothing greater can be conceived.
4. But she can only think this if she can understand the phrase, "a being than which nothing greater can be conceived".
5. And if she understands this, then she conceives, in her mind, of a being than which nothing greater can be conceived.
6. But a being who actually existed outside her mind would be greater than one that only exists within her mind.
7. Therefore to think that there is no God is to contradict oneself.
It's a complex argument for sure, but actually not very convincing. It is saying that our concept of a being which no greater can be concieved is not as great as the reality of God, and therefore the athiest stance is one of contradiction. It is not actually attempting to argue for the existence of God, only that the arguments against God are faulty. This in itself is troublesome: in proposing a new entity, the burden of proof is on the believers. Also, the whole argument can be negated by Athiests in the statement "there is nothing satisfying the concept of a being which no greater can be concieved."
Nice to see some actual philosophy in the philosophy section, though

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