God is worthy of our praise and honor.
Now therefore, our God, we thank thee, and praise thy glorious name. But who am I, and what is my people, that we should be able to offer so willingly after this sort? for all things come of thee, and of thine own have we given thee. For we are strangers before thee, and sojourners, as were all our fathers: our days on the earth are as a shadow, and there is none abiding. (1 Chronicles 29:13-15 KJV)
David is lifting up praise to God and stops midstream to reflect upon who he and his people are in light of the perfection and righteousness of God. David understood that God was the standard to live life by, according to the commandments and principals He set forth. Any time man looks honestly at himself in comparison to who God is, it is simply overwhelming how insignificant man is and how awesome and gracious God is and worthy of our praise and honor. Man has nothing and is nothing in this world without the presence and influence of God working in him and through his life.
God deserves all the honor and glory and man deserves to burn in Hell but God did not end the record at that point. God sent His Only Son to take what man deserves, physical death, so that man can live with unmerited favor covered in His mercy and grace.