No. We already have a very high idea of ourselves. Since conceit is an ‘excessively high opinion of one’s ability’, it is a criticism.
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GPYI believe it is probably an old meaning of "conceit" that is somewhat different from the usual modern meaning.Agree. A conceit in that sense, as I understand it, is basically a metaphoric comparison or analogy, but that doesn't exactly fit the prayer. d below is about the closest that makes sense.