This verse still applies to us as believers. We can make the right choice and choose to hear God's Word (through preaching and daily Bible reading), but unless we take the next step and keep/apply it, we will never see change in our lives (note: the fruit isn't always visible; it may be the fruit of the Spirit, working in our hearts and bringing love, joy, peace, etc.).
Are our eyes truly fixed on Christ? Or have we let our eyes wander, where our focus is on ourselves, our problems, our struggles, our inadequacies? Looking there will lead us only to be destitute. But looking to Christ and *fixing* our eyes on Him will bring the renewal that only He can.