We describe a high-performance, compact optical frequency standard based on a microfabricated Rb vapor cell and a low-noise, external cavity diode laser operating on the Rb two-photon transition at 778 nm. The optical standard achieves an instability of 1.8 × 10 − 13 τ − 1 / 2 for times less than 100 s and a flicker noise floor of 1 × 10 − 14 out to 6000 s. At long integration times, the instability is limited by variations in optical probe power and the ac Stark shift. The retrace was measured to 5.7 × 10 − 13 after 30 h of dormancy. Such a simple, yet high-performance optical standard could be suitable as an accurate realization of the meter or, if coupled with an optical frequency comb, as a compact atomic clock comparable to a hydrogen maser.