Why does it say "Ki Hilel Rasha Al Ta'avas Nafsho"?
Rashi: This refers to "why do You stand afar?" (verse 1). Now Amalek boasts that he attains his lust (to harm Yisrael)!
Radak: This is the reason for "Yitasfu bi'Mezimos Zu Chashavu" (verse 2) - for the Rasha boasts that he does his desire, and no one stops him. Show him that there is One above him!
Malbim: All others, their desire exceeds what they attain. One who has 100 desires 200 (and one who has 200 desires 400
What is the meaning of "u'Votze'a Berech Ni'etz Hashem"?
Bava Kama 94a: If one stole wheat, ground it, kneaded and baked it and separated Chalah from it, his Berachah only blasphemes Hashem.
Sanhedrin 6b: [If the parties came for judgment] one may not give a compromise. If one gives a compromise, he transgresses. If one praises one who compromises, he blasphemes Hashem.
Rashi citing Menachem: The robber praises himself, saying 'I angered Hashem, and I will have Shalom.' Even though normally, it should say Barach (and not Berech), we find like this - "Oyev Cheref Hashem" (74:18). Ni'etz is like Charaf (reviled). The same applies to every Ni'etz.
Radak: The Rasha blesses and praises one who goes in his way and reviles Hashem, and says that He cannot save the oppressed from his hand, or no one supervises over him - "Amar b'Libo Lo Sidrosh" (verse 13).
Malbim: Even though the Rasha has such success (only he gets more than he desires - refer to 10:3:1:3), one who praises him, for he envies his success, he blasphemes Hashem. This is a great sin, as if he angers Hashem. "They are caught in this thought" (verse 2) in the Rasha's hand, and they will be punished.