A psalm of praise to God, unencumbered by human problems and needs; about creation, and man's part in creation.
v1: God's Name is majestic, or excellent (Heb - ADDIR), inferring greatness, noble-ness, and pre-eminence. This same statement closes the psalm.
v2: See Luke 10.21; 1 Cor 1.27; the mighty are confounded by the weak; the things esteemed by God are often despised by men. We are therefore encouraged to be humble, even as children.
v3: Consider creation, declaring the power and majesty of God; Ps 19.1-6; Job 7.17-18.
v4: Yet the great God of creation has set His blessing upon man, Ps 40.17; 139.17-18.
v5: Man is given a place of privilege, exalted, separate from animals.
v6-8: Man is given authority also; Jesus fulfilled these words, by demonstrating authority over pigs, a donkey, fish, the wind and rain; all were subject to Him. One observation is that man is frequently defeated, even killed, by natural events. The writer to the Hebrews (Heb 2.6-9) insists that these words are about Jesus Christ, who indeed ruled over nature.
v9: As v1, closing with a simple declaration of God's greatness.
'This, clearly, is a celebration of the role of human beings as set out in Genesis 1, and forms an important part of the mental furniture of the early Christians as they explored human vocation in a fresh way in the light of the gospel of Jesus. This is the goal of a genuinely human existence. Forget 'happiness;' you are called to a throne. How will you prepare for it? That is the question of virtue, Christian style.' (Tom Wright, Virtue Reborn)