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Paul now explains the results of justification and that is four "fruits of the Spirit": peace, joy hope, and love. Each one of these is profound in its way, but in a self-explanatory way. As Keener notes, "No one could boast before God (2:17; 3:27; 4:2), but there is cause for a different kind of boast in hope of restored glory (5:2; cf. 3:23), in tribulation (5:3) and in God through Christ (5:11)."

Peace with God is obviously a good thing, now that we are avoiding His wrath (cf. 5:9, 2:1-11). But more than that, "peace" (eirene) implies that we are on God's side, that He is for us, and that no can be against us (8:31).

Joy comes through three things.
1) The "hope of glory" (5:2). This is more fully expounded on in chapter 8, but hints at what we spoke of in 3:23, i.e. the fact that we fell short of the glory of God meant that we were supposed to experience in the first place. Not that justification has occurred, we can again hope to attain it.
2) Tribulations (5:3). This is not an uncommon theme in Christian literature since The Way of the Cross can only be entered "through many tribulations" (Acts 14:22). But notice that tribulation (that leads to perseverance, that leads to character [this progression is called "concatenation"]) leads to hope again! Hope is apparently a big deal in Paul's mind.
3) God Himself (5:11). And why not? We have been reconciled and have been delivered from evil and wrath. We have received "the reconciliation."

Hope we have already covered, for peace leads to joy and we are rejoicing in hope. But this is all made possible by love. "Hope does not disappoint, because the love of God has been out within our hearts" (5:5). Our hope has a foundation and that is love. And God's love has been demonstrated, it's not just some mimsy-whimsy emotion. It was shown by an action (5:8). And, intriguingly, God's love has its own whispers of hope. When did Christ die for us? While we still sinners. It seems that while we hope for our own glory, God is also hoping for our glory as well.

Verse 2 explains that Jesus has granted us "access" or an introduction into grace. The word implies that we are been led up to a high, privileged party of some sort, and that makes sense. Jesus allows us to know the Father without intermediary or fear.

Verse 5 explains that the love of God has been poured out through the Holy Spirit. It is not a coincidence that the word "poured" and the Holy Spirit are in the same breath, bringing us back to Joel 2:28. Also note that the Holy Spirit has already been given. There is no mention of a subsequent giving or pouring out.

Verse 6 explains how God can righteously justify the ungodly. Why? "Christ died for the ungodly."

Verse 9 could be taken as a proof of a pre-tribulation rapture. However, though Paul more than likely has some kind of eschatological idea in mind, he is more than likely referring to the culmination of God's judgment, as Romans 2. To make this refer to the tribulation and the rapture is a rather large ignorance of context. And besides, not 6 verses earlier Paul informs us that we are to rejoice in our tribulations. Obviously when Paul writes of "the wrath," he means something different than tribulation.

However, 5:9 does answer any questions that may come up regarding Romans 2. Yes, there is no partiality with God; yes God will render to each person according to his deeds; yes, there will be tribulation and distress for every soul who does evil. But we shall be saved from the wrath. We have peace with God. Therefore: rejoice!

Verse 11 uses the phrase "the reconciliation." Reconciliation to God was a common enough idea in the Jewish mind. But reconciliation was only a thing done among friends in the Greek world view. To be reconciled with God would be an idea that would hit them forcefully.