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.