Despite the attention it has received in recent years, C. S. Peirce's so-called neglected argument for God's reality remains somewhat obscure. The aim of this essay is to clarify the basic structure of Peirce's three-part argument and to show how it falls prey to several objections. I argue that his overall argument is ultimately unsuccessful in demonstrating the reality of God, even if it provides some degree of warrant for the belief in God's reality to those who are uncontrollably drawn to that belief during the process of musement.