The Collaborative International Dictionary of English v.0.48:

Meritorious \Mer`i*to"ri*ous\, a. [L. meritorius that brings in
   money.]
   Possessing merit; deserving of reward or honor; worthy of
   recompense; valuable.
   [1913 Webster]

         And meritorious shall that hand be called,
         Canonized, and worshiped as a saint.     --Shak.
   [1913 Webster] -- Mer`i*to"ri*ous*ly, adv. --
   Mer`i*to"ri*ous*ness, n.
   [1913 Webster]

WordNet (r) 3.0 (2006):

meritorious
    adj 1: deserving reward or praise; "a lifetime of meritorious
           service"; "meritorious conduct" [syn: meritorious,
           meritable]

Moby Thesaurus II by Grady Ward, 1.0:

43 Moby Thesaurus words for "meritorious":
   admirable, ascribable, attributable, beyond all praise,
   commendable, creditable, deserving, due, entitled to, esteemed,
   estimable, excellent, exemplary, held in esteem, highly esteemed,
   highly regarded, highly reputed, highly respectable, honorable,
   honored, in favor, in good odor, in high favor, laudable, meriting,
   model, noble, outstanding, praiseworthy, prestigious, reputable,
   respectable, respected, revered, reverend, unexceptionable,
   venerable, venerated, well-deserving, well-thought-of, worshipful,
   worthy, worthy of