The modal ontological argument (MOA) fails because the kind of necessity ascribed to God is equivocally equated with necessity-as-actuality-in-all-possible-worlds. Classically, theists were minded to say that God is not a part of any (created) world, not even ours: moreover, then, that God is not a part of anything whatsoever (except as a trivial improper part of Itself). The way they put it was (this is in Kant's first Critique), "The Creator and the world are not parts of some greater whole."
So firstly, the MOA is impious, attributing to God a property that detracts from Its transcendent glory. Secondly, then, the possibility of God is not on account of God being "in" some possible world (God is outside of all worlds besides Its own eternity). Thirdly, then, the MOA "begs the question" of how we identify a being as necessary in possible-worlds terms. Suppose one said, "There is a possible world where the Continuum Hypothesis is necessarily true." One does not (usually) intend to say, "The Continuum Hypothesis is therefore necessarily true in all possible worlds." Again, the sense of the word "necessity" here is distinct from the more empirically-minded sense of possible-worlds talk.
Consider that if God "exists in all possible worlds," then God at least either has a transworld identity or has Lewisian counterparts. As noted, neither such property (or any such...) can be attributed to God piously.
Or consider a statement like, "It is possible that possible-worlds talk is false," converted into, "There is a possible world where possible-worlds talk is false." Possibly self-defeating, though see about the modal æther for some more complications.
Does the MOA equivocate between logical, metaphysical, epistemic, and nomological possibility, then? Is it sensitive to the minutiae of the accessibility relation in standard modal logic? Probably "yes" to the first question, "no" to the second. Note further that if God is the Creatrix, then no possible world is actual but on Its willing so. So this "other" possible world we start out from, where God supposedly already is, would only be actual on account of God's creating it, and God wouldn't be in that world prior to its creation. Otherwise, there are possible worlds that count as actualized for some alien, subdivine reason, which undermines the portrayal of the "maximally excellent being" as the sole possible author of reality.
EDIT: I guess the main thing is that the sentence, "There is a possible world with a being B such that B exists in all possible worlds," is not much of an admissible sentence in the kind of modal logic that the MOA tries to use, or at least this is not admissible as an substantive axiom. Besides allowing for arbitrarily many and bizarre necessary beings, it amounts to a sort of circular illustration of any supposedly necessary being. Or then consider the issue of iterated modal operators: the MOA relies on ◊☐A → ☐A, which is allowable in the local modal logic on account of the collapsing rules for iterated modal operators here. Take ¬☐☐A; this goes to just ¬☐A normally, but if such a collapse is blocked, then we have to define God as necessarily necessary, and necessarily necessarily necessary, and so on and on. God's "maximal excellence" means that Its necessity runs through all the (presumably absolutely infinite) iterations of pure modality. That's poetic but it becomes quite murky how we could ever say that (with V = absolute infinity) ◊☐V(God exists) with entire confidence in the meaning of this assertion.