Why does it say "Ki Gavar Aleinu Chasdo"?
Rashi: They should praise Him even though His Chesed overpowered on us.
Radak #1: He took us out from under the Goyim's hand. You did not believe that this can be, due to the length of our Galus.
Radak #2: Refer to 117:1:2:2.
Malbim: This corresponds to "Al Chasdecha" (115:1).
What is the meaning of "ve'Emes Hashem l'Olam"?
Rashi: He guarded His promise to the Avos.
Radak: His promise to take us out of Galus is Emes (He fulfilled it).
Radak citing Shocher Tov: (The land says so.) It is the Bris that He fulfilled to our fathers - "v'Zacharti Es Brisi Yakov
Why does it conclude "Hallelukah"?
Radak #1: It is to strengthen the matter.
Radak #2: He tells Yisrael [to praise Hashem].