Psalm 119 is a psalm that was composed after the exile, and one designed more for personal reading and meditation, to foster reverence and devotion to the Law of God, than to be proclaimed in public. The focus is on the fact that God has made his Law known, and spoken his word; these are what orient the psalmist's life, and it is these that he asks others to obey.
A Christian can espouse this lovely prayer more eagerly than someone reading it in the context of just the Old Testament. It is a prayer about the Word of God as heard in his Law. After speaking his word through Moses and the prophets, God has spoken definitively through Jesus Christ (cf. Hebrews 1:1-4). In fact, Christ himself is the Word of God made flesh (John 1:14), and his person and his works, his teaching and his death and resurrection are the eternal Word of God addressed to all, which brings light and salvation (cf. 1 Corinthians 15:1-2).
This psalm arrangement is used in the Mass liturgy on the 6th Sunday in Ordinary Time, Year A.