The music is just awesome. It has a very strong effect on the emotion. The 2nd verse, especially, just sweeps me up, and throws me right into the turmoil and sorrow of Horatio Spafford, and his beloved wife, during the lost of their children. The feeling of lost, grief, and hopelessness is suddenly so real. Yet, the second part of the verse, though still in the minor harmonic, pumps in so much hope, so much sense of belonging to Christ, that one feels like hope has never felt better than in a time of extreme grief.
"It is through our deficiencies that God is most glorified." Hope will not have it's meaning if we need God any less.