This is a recent hymn by Chris Anderson of Church Works Media which wonderfully expresses what Christ did for us. It is on the Promises CD by Soundforth — you can hear a snippet here and read more of the thoughts behind the text here.

His robes for mine: O wonderful exchange!
Clothed in my sin, Christ suffered ‘neath God’s rage.
Draped in His righteousness, I’m justified.
In Christ I live, for in my place He died.

Chorus:

I cling to Christ, and marvel at the cost:
Jesus forsaken, God estranged from God.
Bought by such love, my life is not my own.
My praise-my all-shall be for Christ alone.

His robes for mine: what cause have I for dread?
God’s daunting Law Christ mastered in my stead.
Faultless I stand with righteous works not mine,
Saved by my Lord’s vicarious death and life.

His robes for mine: God’s justice is appeased.
Jesus is crushed, and thus the Father’s pleased.
Christ drank God’s wrath on sin, then cried “‘Tis done!”
Sin’s wage is paid; propitiation won.

His robes for mine: such anguish none can know.
Christ, God’s beloved, condemned as though His foe.
He, as though I, accursed and left alone;
I, as though He, embraced and welcomed home!