What is the significance of the word "Rega"?
Rashi: It signifies the split second that Hashem's anger lasts. 1
Seforno: Hashem was telling the people not to mourn the fact that Hashem would remove His Shechinah from their midst, since, on account of their stubornness, it was for their benefit. 2
What is the connection between the first half of the Pasuk and the second half?
Rashi: Even though Hashem was about to send a Mal'ach, to prevent His Shechnah from destroying Yisrael should they sin, the punishment of the ornaments was to take effect immediately and Hashem had decided how He would punish them to atone for the rest of the sin. 1
Seforno: Since this demotion was necessary, they should they should remove their spiritual preparedness 2 that they received at Ma'amad Har Sinai.
Why did Hashem see fit to ask the people to remove their ornaments.
Seforno: Because, once Hashem gives a present, He does not take it away without the recipient's consent. 1
As the Gemara states in Ta'anis, 25a).
What did Hashem mean when He said "ve'Eida Mah E'eseh lach"?
Rashi: Refer to 33:5:2:1.
Seforno: Once they remove the above-mentioned 'preparedness', they would no longer be subject to such a severe punishment.