Do we have a guarantee?

I've been thinking about the "guarantee" we have as Latter-day Saints that God takes peculiar delight in us.  We're His "chosen" and He looks down from heaven and grins broadly when He considers our enlightened advantage over our fellowman.  I'm not sure I can reconcile that happy view of our circumstances with His frank assessment of us in D&C 112: 23-26.

I'm thinking that the first order of the day for me is repentance.