The Gospel in Psalm 5

The first two lines tell us of God's perfect holiness, by which we can understand His hatred toward sin, which is expressed in the middle four lines of the passage. The second to last line uncovers the author's salvation in that he is accepted by God by God's own "abundant lovingkindess", and not by any work of the author's. Finally, we see the appropriate response to God's saving love, which is worship.

For You are not a God who takes pleasure in wickedness;
No evil dwells with You.
The boastful shall not stand before Your eyes;
You hate all who do iniquity.
You destroy those who speak falsehood;
The Lord abhors the man of bloodshed and deceit.
But as for me, by Your abundant lovingkindness I will enter Your house,
At your holy temple I will bow in reverence for You.
(Psalm 5:4-7)

Now, we have to make the Scripture personal and ask ourselves the following questions: Do I realize that I am boastful before God? That I am the one who does iniquity and speaks falsehood? And that I am a man of bloodshed and deceit?
If we're honest with ourselves, every one of us will acknowledge that we stand condemned in these things before a God who takes no pleasure in wickedness and in whom no evil dwells. What then?
Your only hope is to enter by His abundant lovingkindness.
But what exactly is His love? Namely that God freely forgives sin through faith in His Son, apart from doing good deeds.

For Christ also died for sins once for all, the just for the unjust, so that He might bring us to God... (1 Peter 3:18a)

And this, ultimately is why God deserves all praise.