Psalms 119:15

I will meditate in thy precepts, and have respect unto thy ways.

The verse calls for thinking deeply about God's precepts and for paying attention to, honoring, and respecting His ways and the way He directs.
In Psalm 119 it belongs to the exaltation of God's law as the guide for life that sets out the principles of righteousness and distinguishes right from wrong and truth from error.
It stands together with delight in His statutes and with keeping and remembering His word, as part of the blessed life of the undefiled who walk in the law of the Lord, keep His testimonies, seek Him with the whole heart, do no iniquity, keep His precepts diligently, praise Him with uprightness of heart in learning His righteous judgments, keep His statutes, cleanse the way by taking heed according to His word, hide His word in the heart in order not to sin, declare all the judgments of His mouth, rejoice in the way of His testimonies as much as in all riches, delight in His statutes, and not forget His word.
Delight in God's precepts leads a person to meditate on them and to pay close attention to God's ways.

This explains why Jesus did not join the games, sports, and frolics urged on Him by the youth of Nazareth, but chose instead the teaching of Scripture.
Meditating on God's precepts and respecting His ways is a sure remedy for wrongdoing that cultivates firmness for what is right and makes a person trustworthy and honorable.
Meditating diligently on God's precepts and respecting His ways guards against Satan's deceptions, for God's commands are to be obeyed without leaving the path of divine revelation or indulging in false reasoning.

It is instruction that parents are urged to present to their children and have them memorize so they learn to trust God and follow His word, and that young people and young men and women are to value, study, and heed in order to encourage a spirit that desires to heed the way of the Lord.
It expresses a continual prayer of consecration of heart and mind to God that His servants should always offer and that God asks them to make.
It points out the sacredness of God's law and is read with solemn earnestness to declare that the wickedness of the world has reached a point where the Lord will certainly interfere.