Forgiveness that leads to Fear?

PSALM 130

Out of the depths I cry to you, O Lord!
2     O Lord, hear my voice!
Let your ears be attentive
    to the voice of my pleas for mercy!

3 If you, O Lord, should mark iniquities,
    O Lord, who could stand?
4 But with you there is forgiveness,
    that you may be feared.

5 I wait for the Lord ,  my soul waits,
    and in his word I hope;
6 my soul waits for the Lord
    more than watchmen for the morning,    more than watchmen for the morning.

The Fear of the LORD.  It's what we want everyone else to have. If they would, they would act right toward me!  We think that if everyone else would just fear Holy God, and repent of their sins and change, then life would be much better for us all.  Which comes first? forgiveness or fear? In the middle of this Psalm, as the psalmist cries out to God, he reminds himself and us that God forgives, and that compels us to fear God, almost as if it is the result of forgiveness.  Or is it that the two work together: that if we have a healthy perspective of God - that He is to be feared because He is Holy, and we are not, but at the same time He is forgiving, and we tend to be not.  It is like the chicken and the egg - it's not about which comes first. We need both; they go together for healthy concept of God and our proper response to Him, and those around us.