There is a unique relationship and position that God desires to give those who seek Him. They are set apart. They are uniquely for His purposes. They enjoy a relationship of access to God. He sets them apart to Himself. They are heard by Him.
Being godly isn't so much about the things we do (although living holy lives involves a change), but it is more about the relationship we enjoy. If it is solely about the "right actions" than it will probably degenerate into stale, self-centered, judgmental legalism. If it turns out to be that, then relationship is lost. But a relationship with God sustains us to live godly lives. It is the reward of righteousness. When we hunger and thirst after righteousness we are filled with relationship with God.
God hears the cries of His people. There is no clear statement here of when He acts on what He hears, but rest assured, to those who pursue God, prayer is really known by God. He hears those whom He has set apart to Himself. The godly have God's attention and love.
You are my reward. Knowing You and following Your ways is my heart's desire. You want to have me for Yourself. You want to set me apart. You hear when I call to You. And being Your child is its own great joy and reward.