This choral/hymn text is a bit of a mixture. On the one hand it is quite sombre, referring primarily to Christ's suffering and pain on the cross. But on the other hand, it speaks about why - to take our sins away otherwise we'd have no hope. Therefore, we have a joyous occasion within a sombre event. Pachelbel's version does well to bring the two emotions together, I feel. Not as much going on as Bach's Leipzig chorale, but still enough to keep it interesting.
I have kept the registration quite simple so that the chorale and accompaniment are heard clearly.