The list below is what we discussed for part of the time last night. The Bible is where we need to be grounding our thoughts. I picked up this list from a sermon on Psalm 119 by Dr. Andrew Davis here.
The effects of the Word
1.) Produces faith (Romans 10:17)
2.) Produces our trust in God (Psalm 119:41-43)
3.) Produces righteousness (Psalm 119:7)
4.) Security, assurance, peace (Psalm 119:140 in conjuction with vs.165)
5.) Pleasure, joy, delight (Psalm 119:103, 47)
6.) Obedience (Psalm 119:129)
7.) Wisdom (Psalm 119:105)
8.) Transforms our mind (Romans 12:2)
This is by no means exhaustive, but is a great starting point to see some of the fruit of the Word in our lives.