Grace is a direct result of this realization. Pr 3:34, Jm 4:6, 1Pt 5:5 demonstrate that God shows His favor to the humble, the meek. It goes one explicit step further and shows what pride gets us: God's resistance towards us.
It is a daily battle to put my ego aside, to put God in His rightful place, to focus on Him. But the battle is a necessary one if Grace is to be given.
Like I said: easy to understand, almost impossible to apply...