Why did he say "Mah Yakar Chasdecha Elokim"?
Rashi: It is not proper to continue to influence Your Chesed on these Resha'im, rather, on "people who take refuge in the shade of Your wings."
Radak: The Chesed that You do for good and bad people is in this world, but in the world to come, it is only for the good. That Chesed is more Yakar (honored) than that of this world, for that good lasts. "Mah" increases; Chesed in this world is until Shamayim, but in the world to come, it is unlimited. It says Elokim (judge), because there everyone receives according to his judgment.
Malbim: This begins to rebut Pesha's second claim - there is no reason to hate evil, especially in Mitzvos Bein Adam l'Makom. The Mizmor answers that animals are left to nature, but man, via his Divine Nefesh, is above nature. He must sanctify himself with special deeds to draw close to Hashem and draw an influence of Hashgachah, so his Nefesh will return to be from the supreme beings and return to the eternal pleasure of the world to come. This Chesed is Yakar - scarce in this physical world.
Why does it say "people will take refuge in the shade of Your wings"?
Radak: In the world to come, will take refuge in the shade of Your wings those who are truly people, not those who are like animals.
Malbim: All created begins are under nature, except for man. Hashgachah clings to him like a Nesher (eagle?) hovers over its chicks. So Hashem covers him, like a bird that spreads it wings over its young due to their closeness; the Nefesh is part of Hashem's essence.
