The phrase “to sit down with Abraham, and Isaac, and with Jacob” means that the faithful will merit the association of these three great patriarchs and the reception of celestial-like rewards. According to Doctrine and Covenants 132:37, “Abraham … as Isaac also and Jacob … have entered into their exaltation, according to the promises, and sit upon thrones, and are not angels but are gods.”
Elder Russell M. Nelson of the Quorum of the Twelve Apostles explained that Church members may become heirs to the blessings of Abraham, Isaac, and Jacob:
“The covenant that the Lord first made with Abraham and reaffirmed with Isaac and Jacob is of transcendent significance. …
“We are also children of the covenant. We have received, as did they of old, the holy priesthood and the everlasting gospel. Abraham, Isaac, and Jacob are our ancestors. We are of Israel. We have the right to receive the gospel, blessings of the priesthood, and eternal life. Nations of the earth will be blessed by our efforts and by the labors of our posterity. The literal seed of Abraham and those who are gathered into his family by adoption receive these promised blessings—predicated upon acceptance of the Lord and obedience to his commandments” (in Conference Report, Apr. 1995, 42–43; or Ensign, May 1995, 33).