Why will Hashem make a new creation?
Radak: Initially, the cloud of glory rested in the Mishkan and in the Beis ha'Mikdash. When they returned from Galus, it was seen on the houses of Chachamim, Gedolim and Chasidim - "Kol Mechon Har Tziyon."
What are "Mikra'eha"?
Rashi: Those who are called in it.
Radak: The proper, honored places are called also Mikra'eha, for there the congregation is called in front of Chachamim. The suffix Hei refers to Tziyon.
Malbim: This includes Tzadikim and Resha'im. Just like Tzadikim will delight in the pleasantness of Hashem, fire will consume Resha'im. The same matter that consumes them is pleasure for Tzadikim - "Hinei ha'Yom Ba Bo'er ka'Tanur v'Hayu Chol Zedim v'Chol Ose Rish'ah Kash v'Lihat Osam ha'Yom ha'Ba; "v'Zarchah Lachem Yir'ei Shmi Shemesh Tzedakah u'Marpei bi'Chnafeha" (Mal'achi 3:19-20). Just like the sun illuminates for clear eyes, and blinds the bat's and snail's eyes, so Hashem's light - Tzadikim will see light, and it will burn the Resha'im to ashes, like it was in Egypt - light for Yisrael, and darkness for the Egyptians.
Why will there be a cloud and smoke during the day?
Rashi: It is to protect them from the Nochrim.
Radak: This is like in the Mishkan 1 ; there was a cloud during the day and fire at night. "Ashan" is a thick cloud.
Radak citing Targum Yonasan: "Ashan" is Amitesa 2 . This is like "va'Arafel Sevivav" (Tehilim 97:2). It is a metaphor for understanding the Emes of Hashem - one cannot truly understand it, "Ki Lo Yir'ani ha'Adam va'Chai" (Shemos 33:20). Even Chayos ha'Kodesh do not see Him. At that time (in the future), man's understanding will increase.
Malbim: The verse depicts the honor of Tzadikim, like it was in the Midbar. The cloud was a Divine honor for Tzadikim; it itself will blind Resha'im. Similarly, the fire illuminates for Tzadikim and burns Resha'im.
Why does Radak mention the Mishkan? The cloud and fire accompanied Yisrael from when they entered the Midbar, even before they built the Mishkan! (PF)
This is the Targum of "Arafel" (Shemos 20:18). Rashi there explains that it is a thick cloud; it seems that Radak explains that it is darkness. (PF)
What is the meaning of "Ki Al Kol Kavod"?
Rashi: For each [expression of] honor said [here] for them, there will be a Chupah; My Shechinah will protect over them. There will be seven Chupos, corresponding to Anan, Ashan, Nogah, Esh, Lehavah, Chupah and Shechinah.
Radak: Hashem's honor will protect over house of Yerushalayim - the cloud during the day and fire at night.
Malbim: The Chupah will be from the cloud and the fire. It will not be everywhere, only on every place proper for honor. It will burn the tents of Resha'im and everything close to them.