You see, at just the right time, when we were still powerless, Christ died for the ungodly. Very rarely will anyone die for a righteous person, though for a good person someone might possibly dare to die. But God demonstrates his own love for us in this: While we were still sinners, Christ died for us. Since we have now been justified by his blood, how much more shall we be saved from God’s wrath through him! For if, while we were God’s enemies, we were reconciled to him through the death of his Son, how much more, having been reconciled, shall we be saved through his life! Not only is this so, but we also boast in God through our Lord Jesus Christ, through whom we have now received reconciliation. –Romans 5:6-11
In Jesus’ death, Christ has borne the consequences of our sin (He took our sins upon Himself, became sin though He had no sin), thus reconciled us to God. So we are reconciled to God by Christ’s death on the cross. Notice, Paul never talks of God being reconciled to us, but us being reconciled to Him. Remember, everything about Christ and His victory on the cross are (and must be) connected with the Old Testament sacrificial Law. This may be (one of the many) reasons why so many neither understand nor accept Jesus Christ.
The next part (:9-10) sounds a little confusing, since we were just talking about Christ’s death and being reconciled to God through it. And now we’re talking about Christ’s life? Huh?
Yes, in Christ’s death, we’re justified, reconciled to God and will be saved in the final judgment. But also, by Christ’s resurrection, all this and also, because He lives, we also participate WITH Him as our risen Lord. And again, we are (no longer?) under the Law of Moses, but now the Gospel of Jesus Christ.