First the argument:
http://en.wikipedia.org/wiki/Ontologica ... modal_form
1. It is proposed that a being has maximal excellence in a given possible world W if and only if it is omnipotent, omniscient and wholly good in W; and
2. It is proposed that a being has maximal greatness if it has maximal excellence in every possible world.
3. Maximal greatness is possibly exemplified. That is, it is possible that there be a being that has maximal greatness. (Premise)
4. Therefore, possibly it is necessarily true that an omniscient, omnipotent and perfectly good being exists.
5. Therefore (by axiom S5) it is necessarily true that an omniscient, omnipotent and perfectly good being exists.
6. Therefore, an omniscient, omnipotent and perfectly good being exists.
I shall just call the proposition 'omniscient, omnipotent and perfectly good being exists' G.
Consider the definition of the term 'possibly'. In view of the comments in Wiki, the term 'possibly X' means
a) X has not been disproved.
It is clear that with this definition, P6) does not follow from P5) i.e. we have not disproved (necessarily G) does not imply (necessarily G) is true.
On the other hand, in the possible worlds semantics,
http://plato.stanford.edu/entries/logic-modal/
the statement possibly necessarily G means:
b) the statement 'G is true in all worlds in W' is true in some world W'.
In other words, to apply the S5 modal logic in the many world semantics, one has to establish 'G is true in all worlds in W' in some world and not just appeal to ignorance. Both P4) and P5) fails under interpretation b).
To conclude, saying that the S5 modal logic applies simply because the same words 'possibly' and 'necessary' are used is just a fallacy of equivocation.