What is the significance of the seven species mentioned in this Pasuk?
Rashi (in Ki Savo, 26:2): These are the seven fruits for which Eretz Yisrael is praised.
Seforno: "Eretz Chitah u'Se'orah" - Eretz Yisrael provides its inhabitants with the basic ingredients for sustenance; "Eretz Zeis Shamen u'Devash" - It also produces delicacies. 1
The Seforno does not comment on grapes, figs and pomegranates. Presumablly, it refers simply to the luscious fruit that Eretz Yisrael produces.
What does "Zeis Shemen" mean?
Rashi, Targum Onkelos, and Targum Yonasan: It means oil-producing olives. 1
See Sifsei Chachamim.
What sort of honey is the Pasuk referring to?
Rashi (in 34:26, based on B'rachos, 37a) and Targum Yonasan: It is referring to dates that produce honey.
Rashi (in Sukah, 6a): In fact, all sweet foods are called 'honey', and dates are a species of sweet food.
Targum Onkelos: 'A land that produces honey'.
What is earlier in the verse has precedence. Why do we bless on wine before bread on Shabbos and Yom Tov? Bread (wheat) is earlier in the verse than wine (Gefen)!