I listened to this song this morning, and thought it was well written and had a nice melody. Stuart Townend is a fine artist in the Church, and has written many wonderful hymns. I'd encourage you to check him out, if you haven't already.
The Benediction isn't such a important portion of many churches in our day. In the church I attend now, the pastor gives a benediction at the end of the service by raising his hands over the congregation, and praying a simple short prayer. I receive this blessing with joy each Lord's Day. For I believe it is pleasing to the Lord, and very biblical. I know many Protestants have distanced themselves from the Benediction because of it's Roman Catholic roots, but I believe we Protestants have thrown out the baby with the bath-water, as they say.
Here are couple Benedictions that are in the Scriptures:
"Now may the God of peace who brought again from the dead our Lord Jesus, the great shepherd of the sheep, by the blood of the eternal covenant, equip you with everything good that you may do his will, working in us that which is pleasing in his sight, through Jesus Christ, to whom be glory forever and ever. Amen." Hebrews 13:20-21
"The Lord bless you and keep you;
the Lord make his face to shine upon you and be gracious to you;
the Lord lift up his countenance upon you and give you peace." Numbers 6:24-26
There are a number of other benedictions as well throughout the Holy Scriptures, that the Church can pray, or glean from. Allowing the Word to fill our hearts and minds, and then blending the truth with our own heartfelt words is another way to pray a benediction.
God wants us to receive blessing from Him, and He does this through the Church, by His grace and truth. Be encourgaed to bow your head and heart and receive from our Savior peace for your mind, and joy to fill your heart, so that we can serve and adore Him, and serve and esteem our fellow neighbors.