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This SIMPLE ALTERNATION is COMPLEX because of the two substructures and because of the ellipsis. When a key word or phrase is omitted, that is called an ellipsis, an inference of something that is not really stated. This psalm has been interpreted in a variety of ways because people infer a meaning into the missing portion based on their own theological background. Here is my understanding:
1) The CONTRAST is between the righteous and the wicked: the ways of each and the blessing/curse of each:
A elements = the way of the righteous is blessed
B elements = the way of the wicked is cursed for they will perish
2) The CONCLUDING SUMMARY in verse 3B points to prosperity, that this is the inheritance of those who continue on the path of righteousness. I suggest it is not financial prosperity but the blessed life both here and for eternity.
3) VARIATION: the longer length of the A element with its substructure is compared to the shorter length of the B element and substructure. This length difference creates a variation for the sake of emphasis.