Why does God want our praise? Is it because He's insecure, or full of false ego like some second hander? Of course not! It's because praise is the completion of Joy. Now I can write for ten pages about why this is true, but if I do that I'll never get to the point - so you're going to have to take that on faith or pursue the truth of it yourself. If you choose the latter, I recommend you start here. However if you accept it, read on!
So you wanna know the answer to The Big Question? Here it is! God created us when He created Joy. He created us BECAUSE He wanted to create Joy. Think about the formula for experiencing Joy: Receive goodness (feel the beginning of Joy), then give praise (feel the consummation of Joy). Therefore, in order for Joy to exist as a concept outside of Himself, He needed to create receivers and praisers! That's us!
Now why did God create Joy? I guess that's what an infinitely awesome being does - It creates, I suppose, to perpetuate Its infinity and awesomeness. God MADE Joy. God possesses the great infinity of concepts, and this universe is and is comprised of His manifestations. Like Earth and Life and the very Laws of Nature, Joy is a manifestation of God's design, and we are part of Joy. It is our role, our purpose of existence, to fulfill Joy by being receivers of His Goodness and giving praise to Him.
That's it! So to all you who think the meaning of life is just "to be happy", you're right! However be sure that you are receiving your happiness (and giving praise), and not out chasing it down for yourself. Not only is the joy that you are able to obtain small in comparison to that which you can receive, that joy will be incomplete if you've no one or nothing to praise for it!
Shazam!