I've been reading through Exodus and Leviticus in my Bible readings lately and the words of this hymn are often brought to my mind. It seems that God often required the Israelites to implement memorials to remind them of important milestones. One of these "ebenezers" was the Passover. This feast was to occur every year, and it would help remind the Israelites of how God had mightily brought them out of Egypt, and how he had passed over their houses when the death angel came.
I think it would be beneficial for us to raise more Ebenezers for ourselves. Whether it is a memory verse written on your mirror, a certain song that has special meaning for you, or a picture hanging on your wall that reminds you of an important event that God brought to pass in your life...it is important to have reminders of God's incredible mercy and love towards us.
Come, let us raise an Ebenezer.