This popular song out of the "Praise and Worship" tradition (and I have issues with that title for the movement, which I may address another time) is simply bad quality on every level, IMNSHO.
Here is a link to the text.
First of all, the music is monotonous and unimaginative. The proverbial I - IV - V (oops, in this case, I - V - IV) harmonic pattern is about as basic as it gets, and I don't mean that in a good way. The melody simply parallels the harmony in an equally boring way. The rhythm is even less inspired.
The text is awful. It falls into the individual-idolatrous trap of so many P&W songs, but does so deliberately. "Here I am to worship, here I am to bow down, here I am to say that you're my God..." Who is being worshiped? Who is being bowed down to? It's all about "me" and "here I am." Where is this? The sanctuary of the Lord? And just who are you? WE are here, yes, and WE should be BE bowing down and worshiping! (Not merely saying we're here to do it.)
Then, what's up with "I'll never know how much it cost to see my sin upon that cross." "Duh-factor," I'd say. No, we cannot in this life know the cost the Savior paid for our sins. But "seeing my sin upon that cross" is not what it's all about. The SAVIOR, the Lord of Heaven and Earth, is WHO was on that cross and is now alive. THAT is WHOM and WHY WE (not just all-important "I") worship.
Honestly, I find very little to commend this particular song. I'm trying. The verses are so-so OK, though verse 1 is still about what God did for "me." Verse 2 is much better, which makes going back to the "me-me-me" chorus that much more grating for me. Another good thing: despite there being only ONE "you" (addressing the Lord) in the chorus and despite all the "I's," it IS in second person. I guess it's all the presumptuous mentions of "I" and "my" in addressing that second person that rub me the wrong way on this one.
If you want a harmonically simple song on a similar theme that does it right, with at least an interesting rhythm and melody and a much better balance (uses "we" rather than "I" and focuses much more on God than "we"), try "We Bow Down" by Twila Paris. Not as new, but much more solid song. Yeah, it's a little too "sing-songy" for my complete liking, but solid text goes a long way with me.