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 1.8x10$^{-13}$/$sqrt{tau}$ for times less than 100 s and a flicker noise floor of 1x10$^{-14}$ 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 5.7x10$^{-13}$ after 30 hours of dormancy. Such a simple, yet high-performance optical standard could be suitable as an accurate realization of the SI meter or, if coupled with an optical frequency comb, as a compact atomic clock comparable to a hydrogen maser.
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