Beautiful scripture, but one terribly misused by charismatics. Remember to ALWAYS include the rest of that verse because it shows the requirement that goes along with it:
"On these two commandments hang all the law and the prophets."
This means we keep GOD'S commandments (that is, do not sin) because our love for GOD is greater than our children and ourselves. That's why David said this to GOD in Pslam 51, "
Against You, You only, have I sinned, And done this evil in Your sight"
The importance of not sinning and keeping GOD'S commandments is very clear in scripture:
John 14, "He who has My commandments and keeps them is the one who loves Me"
1 John 2, "Whoever says, 'I know Him,' and does not keep His commandments, is a liar, and the truth is not in him."
1 Corinthians 15, "Sober up righteously and do not sin, for some have ignorance of God. I speak to your shame."
John 8:11, "go, and sin no more."
John 5:14, "Behold, thou art made whole: sin no more, lest a worse thing come unto thee."
The rest of that verse is extremely important and cannot be excluded.