The author of this Psalm rejoices in and describes the life that fears and delights in the LORD.
This fear isn't being afraid of God like terrified of Him. Now if I'm his enemy, then I might be. But ultimately, this fear is more than that. It's more a reverential trust that inspires confidence, courage, peace and hope.
Kind of like a good police department inspires security, confidence and peace of mind for those in their community because they fight injustice and protect law-abiding citizens.
V. 1 is why the psalmist is praising (shining; boasting in) the Lord.
Praise the LORD.
Blessed is the man who fears the LORD,
who finds great delight in his commands.
He writes that those who fear the LORD and delight in obeying him (because they trust him) are very joyful (full of joy) or blessed people.
Vv. 2-10 describe what someone's life tends to look like (don't treat these like promises but more likely outcomes for those who fear and obey) when we fear and obey the LORD.
I praise my LORD that he is good, great, holy and trustworthy. I fear and delight in obeying him as a result. By his grace I will. (via Darien's YouVersion.com acct)