Prior research indicates that the married enjoy higher levels of well-being than the unmarried, including unmarried cohabiters. Yet, comparisons of married and unmarried persons routinely exclude partnered gays and lesbians. Using a large probability sample, this study assessed how the well-being of partnered gays and lesbians (282) compares with that of persons from other relationship status groups, including legally married spouses (6,734); unmarried heterosexuals who are cohabiting (614), dating (2,992), or unattached (750); and single gays and lesbians (59). After controlling for demographic variables, partnered gays and lesbians were found to report less happiness than married spouses but more happiness than singles, regardless of sexual orientation. Conversely, no differences were found between partnered gays and lesbians and married persons in health. On both measures, partnered gays and lesbians were similar to heterosexual cohabiters. The implications of these findings are considered in light of current debates about the importance of marriage. (Contains 7 tables and 8 notes.)