This has to be the song that comes to mind when I read this Psalm. But if you only focus on the blessing and the praise then you miss the most powerful verses in this Psalm. Look at vs.10-12 and we see the length, breadth, and width of the love that God has for us.
A very common assurance of pardon we can find in vs.12 as the author states “as far as the east is from the west, so far he removes our transgressions from us.” Right out of the Bible, right out of this psalm we recognize that the distance between east and west is unfathomable. That is how much God loves us and forgives us. Enjoy the song. It is one of my favorites. I could sing it every Sunday.