Thing is, it is my belief/assumption that most people don't praise God because he's what they'd typically call praiseworthy, necessarily. More to the point, they believe in him. As they believe in him, they know that if they don't praise him, they go to hell. So it's not that they're praising Him because he deserves it, per se - it's still the old praise-or-be-punished formula. It's just eschatological punishment.
It's pretty much impossible to praise God for being praiseworthy and simultaneously holding a Judeo-Christian-style morality based on divine mandates.
If you do the latter, you intrinsically accept that X is Good because God says so, thus God being Good is pretty much tautologically true - if you claim to praise him because of his goodness, it boils down to praising him because he exists, whatever he does. He could club baby seals for fun, but since he says he's good, well, he's right, because he's God, he decides.
That would mean the only praiseworthy God who's not wanking himself with morality is a God who is either someone beholden to an objective (i.e. independent of any being whatsoever, mortal or not - at least presuming you don't make a rather heretical claim there's a God above God) source of morality and is only relaying the moral truth to humanity...
...but that brings along the hilarious implication that all the stuff about not worshipping other gods and the like is quite likely God being a self-serving unreliable source hijacking the regular objective moral stuff to entrench his position as an object of worship.