I absolutely love this verse, but I also believe we have to be careful with our interpretation of it. I have heard it said that if we just do XY & Z then we will bind the Lord and obtain the blessings that we are seeking. But what we are missing here is that the Lord sets the conditions of this covenant, not us. We don't get to dictate what the Lord will and won't do on our whim, rather through our obedience He seals (binds) Himself to us and our covenant relationship is strengthened. We do obtain blessings by obedience, but we do not force or manipulate God into those blessings rather He gives them willingly on the basis of covenants that He Himself has established.