How is the Rasha graced?
Rashi: He will be able to plunder and destroy.
Radak: This is said in astonishment. Will he be graced? He did not learn Tzedek due to Your Mishpatim. He said that they were not [punishments] to chastise, rather, chance occurrences - there is no judgment and no Judge.
Malbim: He succeeds. The verse asks how can this be?!
Why does it say "Bal Lamad Tzedakah"?
Malbim: This is one reason why the Rasha should not succeed. Since he is not punished, he will continue his evil, and not learn virtue!
Where is "Nechochos"?
Rashi: It is in the presence of Yerushalayim and the Beis ha'Mikdash.
Radak: It refers to one who did properly in the land due to Your Mishpatim that struck him. The Rasha does not do so; he does in justice in his Mishpat.
Malbim: It is where he did evil. People [see that he is not punished, and they] falter from Yir'as Hashem. Not punishing him causes the Rabim to sin!
What is the meaning of "Bal Yir'eh Ge'us Hashem"?
Rashi: Your grandeur is not important in his eyes. Bal Yir'eh is an expression of constancy (he never sees or thinks), like "Kachah Ya'aseh Iyov [Kol ha'Yamim]" (Iyov 1:5).
Radak #1: Some say that this is a prayer - may the Rasha not see Hashem's grandeur, i.e. good.
Radak #2: This is present tense. He does evil because he does not see Hashem's grandeur. He does not think that Kel oversees people's affairs and is exalted over them to pay to them according to their evil.
Malbim: Why shouldn't people see the grandeur of Hashem - that there is a Judge who pays the Rasha according to his evil?!