Can anything in us merit any favor with God?
No, there is nothing in us that can merit any favor with God. It is all of His grace, which is unmerited favor. Grace could never have happened without mercy, and God poured out His mercy on Christ on the cross, so we no longer cry for mercy but receive grace.
Les teaches that in all these things we are more than conquerors, not because of what we have or any ability of our own, but because Christ Jesus makes us conquerors. He becomes everything. Les stresses that there is nothing in us that can merit any favor with God; it is all of His grace. He explains that grace could never have happened without mercy. God poured out His mercy on Christ on the cross, so we no longer have to cry for mercy. Since mercy has been poured out, God can now give grace, unmerited favor, which we do not deserve.