The first post in this series concentrated on the "wicked" man described in this psalm. The other type of man is described as righteous and blessed (happy, joyful, satisfied).
This man delights in God's law and meditates on it. Instead of listening to the idiots around him who are making the same mess of their lives as he is, this man listens to God's word, fills his mind with it, orientates his life around it. The word for meditate implies speaking to yourself - speaking God's word continually to yourself, because that brings freedom instead of the downward spiral of sin.
He delights in God, a relationship not based on what this man does to please God, but based on what God has done out of His love for us, making us able to love Him in return.
The result for the righteous/blessed man is that he is like a tree, he's not burnt out but refreshed by streams of water. He yields fruit - he becomes more like Jesus rather than increasing in sin. He doesn't wither but he prospers, he stands strong rather than being blown away like the worthless chaff. Wouldn't you like to be the righteous man rather than the idiot, the wicked man? Here's the problem... we can't do that by ourselves. More about that in the next post in this series.