Indeed the Book of Allah is not a book like any other, it is the timeless Speech of Allah, not a created thing, a study guide for life and death and what comes after. Therefore it deserves a more careful study than anyone else's speech. It necessitates that its reader return to the early narration's of those who witnessed its revelation and heard its explanation by the one deputed by Allah to rehearse and explain His Words to humanity (sallallaahu 'alayhe wa sallam). For if one would try to ponder over the meanings of the verses without having done this study, then surely the filth of the time that he lives in and his ignorance of the correct application and understanding that the early Muslims had would cause him to understand some things not intended by Allah Most High, and therefore he would go astray, thinking to be worshipping Allah.
So every sincere Muslim who hopes to earn Allah's Love by reciting and reflecting over Allah's Book, then let him hold tight to the meanings explained by the Prophet (sallallaahu 'alayhe wa sallam), and those taught by the Companions and their immediate followers, and the early scholars of Islam.
Know that reciting and pondering over the Book of Allah, devoting your time regularly to its study and implementation has tremendous benefits in this life and the Next, so let us now look to just a few of them to attach ourselves more firmly to Allah's Majestic Words. Each benefit stands as enough of an encouragement on its own for us to shun any laziness we have and dedicate ourselves to the Qur'an properly.
1 - Reading and reflecting over the Qur'an fulfills an Islamic duty
Indeed the Prophet (sallallaahu 'alayhe wa sallam) summarized this Religion with his statement:
"The Religion is naseehah (sincerity)!"
So then Tameem ibn Aws (may Allah be pleased with him) then said, "We asked, 'To whom?'" He (sallallaahu 'alayhe wa sallam) replied:
"To Allah, HIS BOOK, His Messenger, the leaders of the people, and their common folk." 
The sincerity that is due to the Book of Allah, as Ibn Rajab Al-Hambalee said, includes having a strong love for it, honoring it and extolling its great status, affirming that it is the Speech of Allah, seeking to understand its meanings, acting by it, following the orders found in it, spreading its correct understanding, continually studying it, and taking on the good manners that are encouraged in it. 
So by reading and reflecting over the Qur'an, one fulfills an obligation and is rewarded for that. Upon fulfilling this obligation, the Qur'an then becomes a proof for him on the Day of Judgement! And that is our second benefit we will take by embracing this Noble Book...
2 - The Qur'an will be a proof for us on the Day of Judgement
This is due to the statement of the Messenger:
"...and the Qur'an is a proof for you or against you..." 
So one of two things will occur with this proof, the Book of Allah. It will either be in your favor, a proof for you on the Day when you will need every single good deed, or it will be something standing against you, the very Speech of your Creator, a proof against you! Who could be saved from the terrors of that Day if Allah's own Speech is against him?!?!
Think carefully, dear Muslim brother or sister, about your position with the Qur'an! Are you neglecting it, contradicting it, being heedless of its orders and prohibitions, are you thinking deeply over it?! Will it be on your side on the Day of Judgement?!
O Allah! We ask you, by Your Glorious Speech and the rest of Your beautiful Names and Attributes, to make the Qur'an a proof for us! O Allah! Don't make the Qur'an a proof against us on that Day, and save us from the hellfire!
For if Allah makes the Qur'an a proof in our favor on that Day, then it would also be an intercessor for us, when NO intercession will take place except by His Permission.
3 - The Qur'an will intercede for us on the Day of Judgement
The proof: Aboo Umaamah relates that the Prophet (sallallaahu 'alayhe wa sallam) said:
"Read the Qur'an, for verily it will come on the Day of Standing as an intercessor for its companions." 
4 - Your status in this life will be raised
In Saheeh Muslim, we find a lovely story, about how a man from the promised people of Jannah, 'Umar ibn Al-Khattaab, and his deputy over Makkah understood this.
On the authority of 'Aamir ibn Waathilah, he said that Naafi' ibn 'Abdil-Haarith met up with 'Umar (ibn Al-Khattaab) at (a place called) 'Usfaan. 'Umar used to put him (Naafi') to work (to govern) over Makka h.
So he ('Umar) said, "Who have you put to work (to govern) over the people of the Valley (Makkah)?"
He (Naafi') said, "Ibn Abzaa."
He ('Umar) said, "Who is Ibn Abzaa?"
He (Naafi') said, "One of our freed slaves."
He ('Umar) said, "So you have put a freed slave in charge of them?"
He (Naafi') said, "Verily he is a recitor of the Book of Allah, the Mighty and Majestic, and verily he is knowledgeable of the laws of inheritance."
'Umar said, "Verily your Prophet (sallallaahu 'alayhe wa sallam) had said:
"Verily Allah raises s ome people by way of this Book and lowers others by it." 
5 - You will be from the best of the people
'Uthmaan (may Allah be pleased with him), the third khaleefah and fourth most virtuous person on earth after the Prophet (sallallaahu 'alayhe wa sallam), Aboo Bakr, and 'Umar, said that the Prophet (sallallaahu 'alayhe wa sallam) said:
"The best of you are the ones who learn the Qur'an and teach it to others" 
6 - There are ten rewards for each letter you recite from the Qur'an
As an authentic hadeeth in Sunan At-Tirmithee proves:
"Whoever reads a letter from the Book of Allah, he will have a reward. And that reward will be multiplied by ten. I am not saying that "Alif, Laam, Meem" is a letter, rather I am saying that "Alif" is a letter, "laam" is a letter, and "meem" is a letter." 
So increase your recitation of the Qur'an to gain these merits, and to gain the following merit as well...
7 - The recitor's of the Qur'an will be in the company of the noble and obedient angels
'Aa'ishah (may Allah be pleased with her), the Prophet's beloved wife who held his head in her lap as he took his last blessed breaths, relates that the Prophet (sallallaahu 'alayhe wa sallam) said:
"Verily the one who recites the Qur'an beautifully, smoothly, and precisely, he will be in the company of the noble and obedient angels. And as for the one who recites with difficulty, stammering or stumbling through its verses, then he will have TWICE that reward." 
So do not let the Shaytaan give you false excuses, such as "I am not an 'Arab," or "Its not my language." This hadeeth is a firm proof against these whisperings. Dedicate yourself to the Book of Allah, whether you are an 'Arab or not! The excuses have been eliminated and the pathway has been cleared for you to embrace the Book of Allah without holding back or offering excuses!
And surely you will not hesitate to seek a teacher or a study circle for the Qur'an once you hear the last and perhaps greatest benefits of reading and contemplating over the Qur'an...
8 - The Qur'an will lead you to Paradise
The Prophet (sallallaahu 'alayhe wa sallam) said:
"The Qur'an is an intercessor, something given permission to intercede, and it is rightfully believed in. Whoever puts it in front of him, it will lead him to Paradise; Whoever puts it behind him, it will steer him to the Hellfire." 
9 - Your position in Paradise is determined by the amount of Qur'an you memorize in this life
'Abdullaah ibn 'Amr ibn Al-'Aas heard the Prophet (sallallaahu 'alayhe wa sallam) saying:
"It will be said to the companion of the Qur'an: Read and elevate (up through the levels of the Paradise) and beautify your voice as you used to do when you were in the dunyaa! For verily, your position in the Paradise will be at the last verse you recite!" 
Know that these nine benefits, from the many benefits available, can only be attained by a sincere commitment to the Book of Allah, not by a person's mere statement, "I love the Qur'an, it's beautiful." Rather the heart must be sincerely attached to Allah's Book and the limbs and tongue will follow in this attachment.
You must know that only a few of the numerous benefits of reading and reflecting over the Qur'an have been mentioned here. There are many benefits that await your reading in the Qur'an and books of hadeeth, like the chapter of the Qur'an that will argue on your behalf in the grave, and that it is a physical healing, a source of rest and relaxation for your heart, among many other things.
And Allah knows best.