This from Phil Johnson in his Clarifying Calvinism series:
For some reason, from my earliest childhood, hearing the chorus of that song, that had always struck me as a pretty lousy reason for loving Jesus. Of course, in my unregenerate state, I had almost no understanding whatsoever of the love of Christ for me. I knew that He loved me and I was supposed to love Him, because we sang about it and all. But loving Him just because He loved me first didn’t seem like a particularly noble or admirable reason for loving Him. In fact it always sounded a little bit childish, because it was the very same reason I always gave my mother when she asked me why I hit my brother: Because he hit me first!