Grace in the Old Testament

When God was giving the Israelites some instruction about how to give certain offerings, he included some things they were supposed to say:

5 Then you shall declare before the LORD your God: "My father was a wandering Aramean, and he went down into Egypt with a few people and lived there and became a great nation, powerful and numerous. 6 But the Egyptians mistreated us and made us suffer, putting us to hard labor. 7 Then we cried out to the LORD, the God of our fathers, and the LORD heard our voice and saw our misery, toil and oppression. 8 So the LORD brought us out of Egypt with a mighty hand and an outstretched arm, with great terror and with miraculous signs and wonders. 9 He brought us to this place and gave us this land, a land flowing with milk and honey; 10 and now I bring the firstfruits of the soil that you, O LORD, have given me." Place the basket before the LORD your God and bow down before him. - Deuteronomy 26:5-10

I think we tend to view Grace as a New Testament idea, but we've got to remember that God hasn't changed! If we really look at all that God has done, we can see that all along, he is the one who gives us good gifts and goes out of his way to care for us. The Israelites were helpless to save themselves, and God could have forgotten about them and picked a new people. But as they say in this passage, he heard them, so he stretched out his hand and rescued them, then even gave them their own land!

I think we should view the Exodus as one of the first great acts of Grace in the Bible. Just like what God did for Israel, he saw us in our sin, he reached out through his Son to rescue us. And now, he's promised us a great inheritance in both this life and the world to come.

What do you think? Would that qualify as a good example of Grace?