The proper understanding of what it means to be partakers of the Divine nature is not in becoming Gods (!), but in understanding the incarnation and the reason for its happening as it did.
In the early days, there were groups like the Arians who, thinking it improper that Jesus Christ be seen as both God and man, thus sought to say that, yes, He is God in a sense, but he must be in some sense different in His divine nature than His Father, as God the Father is not in the flesh as Christ is. They rebelled against God in the flesh in this manner, even though this had been accepted by Christians up until the birth of this heresy.
Thus our holy father HH St. Athanasius the Apostolic, their most committed opponent, wrote against them at length, and I will quote here the portion of his letter 60 to Adelphius against the Arians that directly quotes the verse, because it explains much better what this verse means than I ever could hope to.
Our father writes:
These things then happened, and no one doubted, as the Arians now venture to doubt, whether one is to believe the incarnate Word; but even from beholding the man, they recognised that He was their maker, and when they heard a human voice, they did not, because it was human, say that the Word was a creature. On the contrary, they trembled, and recognised nothing less than that it was being uttered from a holy Temple. How then can the impious fail to fear lest 'as they refused to have God in their knowledge, they may be given up to a reprobate mind, to do those things which are not fitting' (Romans 1:28)? For Creation does not worship a creature. Nor again did she on account of His Flesh refuse to worship her Lord. But she beheld her maker in the Body, and 'in the Name of Jesus every knee' bowed, yea and 'shall bow, of things in heaven and things on earth and things under the earth, and every tongue shall confess,' whether the Arians approve or no, 'that Jesus is Lord, to the Glory of God the Father' (Philippians 2:10-11). For the Flesh did not diminish the glory of the Word; far be the thought: on the contrary, it was glorified by Him. Nor, because the Son that was in the form of God took upon Him the form of a servant was He deprived of His Godhead. On the contrary, He is thus become the Deliverer of all flesh and of all creation. And if God sent His Son brought forth from a woman, the fact causes us no shame but contrariwise glory and great grace. For He has become Man, that He might deify us in Himself, and He has been born of a woman, and begotten of a Virgin, in order to transfer to Himself our erring generation , and that we may become henceforth a holy race, and 'partakers of the Divine Nature,' as blessed Peter wrote. (2 Peter 1:4) And 'what the law could not do in that it was weak through the flesh, God sending His own Son in the likeness of sinful flesh, and for sin, condemned sin in the flesh (Romans 8:3).
Note that nowhere in any of the above passage does HH write that we become Gods, but that it is through the incarnation that we are deified in Him, by His having taken flesh from our lady St. Mary the Theotokos, that we would become a 'holy race', as HH puts it above. Deification is about holiness and partaking in the divine nature via the incarnation and our own cooperation with God (see: St. Gregory Nazianzen, the fourth century Cappadocian father who wrote a lot about theosis/deification and the cooperation of man with God). It is not about assuming the creative power of the Almighty so as to create and populate our own planets or whatever such blasphemies. Man cannot and does not become an almighty God! Rather, through the incarnation which abolished the distance between God and man present from the sin of our father Adam in paradise, God has come to us and this time blessed our nature in Himself, uniting divinity and humanity inseparably in the person of Jesus Christ, our Savior, that we may too unite with God, becoming 'partakers of the divine nature' by grace (as we are but finite humans), not by nature (as Christ, who is God).
