The name of the LORD is majestic - the most glorious name in all the earth.  Notice the way the Psalter declares the name - He uses the covenantal name (LORD or Yahweh) referring to the personal nature of our God and then He uses the "Lord" meaning Sovereign One.  Why do we struggle exulting in this name?  His name is glorious because He indeed is in control of everything.  With all the obsession Christians have with defending the free will of man, it is pretty clear that the one truth we should rejoice in is that God indeed is Sovereign - all-power, all-wisdom, all-glory belong to Him.  I hvae nothing to boast or be prideful of  - not my works, my free will (which is not totally free at all) or my wisdom.  The Psalmist is telling us to pay attention to Creation beginning in verse 1...
God has set His glory over all the earth (vs. 1).  God is the God who is there - out there and you can see everything pointing to His existence.  His glory is above the Heavens and to see this we must be loking out there!  He is so much greater than us.  Not an admission we really want to make!  The evidence is both clear and humbling.  See the heavens - the burning sun, the blazing stars - the gowign moon - see it?  see it?  You must!  It ignites the question in verse 4 - who are we?  When I see all that is the work of His fingers I see my own creatureliness.  How can I glory in my own significance.  It makes all my idols look foolish and futile  it makes me wonder why I have not been more thankful and less consumed with people and what they think of me - and stuff.