In this article, we revisit the gamma-ray emission observed from millisecond pulsars and globular clusters. Based on 5.6 years of data from the Fermi Gamma-Ray Space Telescope, we report gamma-ray spectra for 61 millisecond pulsars, finding most to be well fit by a power-law with an exponential cutoff, producing to a spectral peak near approximately 1-2 GeV (in E2dN/dE units). Additionally, while most globular clusters exhibit a similar spectral shape, we identify a few with significantly softer spectra. We also determine the gamma-ray luminosity function of millisecond pulsars using the population found in the nearby field of the Milky Way, and within the globular cluster 47 Tucanae. We find that the gamma-ray emission observed from globular clusters is dominated by a relatively small number of bright millisecond pulsars, and that low-luminosity pulsars account for only a small fraction of the total flux. Our results also suggest that the gamma-ray emission from millisecond pulsars is more isotropic and less strongly beamed than the emission at X-ray wavelengths. Furthermore, the observed distribution of apparent gamma-ray efficiencies provides support for the slot gap or the outer gap models over those in which the gamma-ray emission originates from regions close to the neutron stars magnetic poles (polar cap models).
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