Preparation: Layer the gin, then the Peach Schnapps, then the orange juice in a champagne flute. Pour in the champagne, and garnish with a peach slice.
General Comments: This is definitely one of those cocktails for which you can identify each ingredient as you drink it. Unfortunately, those of us with an unhealthy interest in mathematics would call it a subadditive beverage, because it adds up to less than the sum of its parts. Essentially, the problem lies in the fact that you can simultaneously think of better things to combine the champagne with, superior mixers for the Peach Schnapps, and the fact that you could be getting off your face on gin and tonics far more efficiently.
It's not a bad drink, by any means. It just carries with it memories of drinks that are far, far better.