Jamieson, Fausset and Brown on Psalms 119:4-6

4-6. precepts--are those directions which relate to special conduct, from a word meaning "to inspect."

statutes--or ordinances, positive laws of permanent nature. Both words originally denote rather positive than moral laws, such as derive force from the divine appointment, whether their nature or the reasons for them are apprehended by us or not.

commandments--or institutions. The term is comprehensive, but rather denotes fundamental directions for conduct, both enjoining and forbidding.

have respect unto--or regard carefully as to their whole purport.