In his recent book, "The Metaphysicians of Meaning" (2000), Gideon Makin argues that in the so-called "Gray's Elegy" argument (the GEA) in "On Denoting", Russell provides decisive arguments against not only his own theory of denoting concepts but also Frege's theory of sense. I argue that by failing to recognize fundamental differences between the two theories, Makin fails to recognize that the GEA has less force against Frege's theory than against Russell's own earlier theory. While I agree with many aspects (...) of Makin's interpretation of the GEA, I differ with him regarding some significant details and present an interpretation according to which the GEA emerges as simpler, stronger, and more integrated. (shrink)