Φῶς Ἱλαρόν (Phos Hilaron)

Φῶς ἱλαρὸν ἁγίας δόξης ἀθανάτου Πατρός, οὐρανίου, ἁγίου, μάκαρος, Ἰησοῦ Χριστέ, ἐλθόντες ἐπὶ τὴν ἡλίου δύσιν, ἰδόντες φῶς ἐσπερινόν, ὑμνοῦμεν Πατέρα, Υἱόν, καὶ ἅγιον Πνεῦμα, Θεόν. Ἄξιόν σε ἐν πᾶσι καιροῖς ὑμνεῖσθαι φωναῖς αἰσίαις, Υἱὲ Θεοῦ, ζωὴν ὁ διδούς· διὸ ὁ κόσμος σὲ δοξάζει.
O gracious Light,
pure brightness of the everlasting Father in heaven,
O Jesus Christ, holy and blessed!
Now as we come to the setting of the sun,
and our eyes behold the vesper light,
we sing your praises, O God: Father, Son, and Holy Spirit.
You are worthy at all times to be praised by happy voices,
O Son of God, O Giver of life,
and to be glorified through all the worlds.
—Translation from the 1979 American Book of Common Prayer
The Phos Hilaron is the oldest extant Christian hymn outside of the Bible. It is still used today in many different Christian traditions. What a beautiful hymn proclaiming the Triune God expressing the worship due Him. What place does ancient hymnology or ancient worship liturgy have in the church today? Thoughts? Comments?