Erin

"But what about you?" he asked. "Who do you say I am?" Simon Peter answered, "You are the Messiah, the Son of the living God." 

What I think this verse means is that we should acknowledge God's grace and greatness. We should know that he everlasting and put him first in our lives. The order of importance in our lives should be:

1. God
2. Family
3. Friends
4. Others
5. Everything Else
6. Yourself

I think that it is significant to recognize the Lord as the Messiah and Savior. He is the Prince of Peace, Alpha and Omega, Everlasting God, etc. Of course, Simon Peter in this verse had said that God is the Messiah and the Son of the living God, which is correct.