I have heard a couple of interesting interpretations of this verse. One is that the Earth is the realm of the Devil, so who would want to inherit it? If you are meek, it goes to you.
If we look at it from more Jewish perspective, the Devil doesn't exist as such and the original Hebrew (from Psalms) can be translated as humble. In Chasidism, it is said that Humility is God's cloak. A cloak is something that can be removed, it is not a permanent character trait. So, if you can act meek (but still have the capability of being the opposite), you can inherit the Earth (which, in this case, isnt such a bad thing).