What is this Pasuk coming to teach us?
Rashi #1: 'When I recite the Name of Hashem, ascribe greatness to our G-d and bless His Name'. From here the Chachamim learned that the response to a B'rachah in the Beis-Hamikdash is 'Baruch Shem K'vod Malchuso Le'oLam Va'ed'. 1
Rashi #2 (in B'rachos, 21a): 'When Moshe came to begin the words of the Shirah, he said to Yisrael "When I bless Hashem, you answer after me 'Amen!' When I call out the Name of Hashem in the form of a B'rachah, you answer after me, 'Amen!' "
Ramban: Refer to 32:1:3:3**.
Rashbam: 'When I relate to you the mighty deeds and kindnesses that Hashem did for you and that He is righteous in what He will do for you in the future, ascribe greatness to Him and acknowledge the truth (verbally).
Seforno: 'When I pray 2 to Hashem' - for the ingathering of the exiles 3 and for the coming of Mashi'ach, 4 you, who know Hashem's greatness via the many miracles recorded in the Torah, when you hear from me in the Shirah things that will happen to Yisrael, don't attribute it to change, assuming that He has turned into an enemy, rather, - ascribe greatness to our G-d'. 5
Torah Temimah #1 (citing B'rachos, 21a): From here we learn the obligation to recite a B'rachah (Birkas ha'Torah 6 ) before learning Torah.
Torah Temimah #2 (citing B'rachos, 45a): From here we learn that three people who ate together are obligated to recite Birchas ha'Mazon with a Zimun. 7
Targum Onkelos and Targum Yonasan: 'When I recite the Name of Hashem in prayer, ascribe (honor and - Targum Yonasan) greatness to our G-d'.
Hadar Zekenim, Rosh: When I praise Hashem, you - the four winds (refer to 32:2:1:7, 32:2:3:4), Heaven and earth, ascribe greatness to Him. You must praise him for Kri'as ha'Torah, due to which you exist