In the first place, she is full of grace, proclaimed to be entirely without sin - something exceedingly great. For God's grace fills her with everything good and makes her devoid of all evil.
In the second place, God is with her, meaning that all she did or left undone is divine and an action of God in her. Moreover, God guarded and protected her from all that might be hurtful to her.
In the third place, she is blessed above all other women, not only because she gave birth without labor, pain, or injury to herself, not as Eve and all other women, but because by the Holy Spirit and without sin, she became fertile, conceived, and gave birth in a way granted to no other woman.
In the fourth place, her giving birth is blessed in that it was spared the curse upon all children of Eve who are conceived in sin and born to deserve death and damnation. Only the fruit of her body is blessed, and through this birth we all are blessed.
Furthermore, a prayer or wish is to be added - our prayer for all who speak evil of this Fruit and the Mother.
--Blessed Martin Luther, *Personal Prayer Book* AE 43:40