Who said these Mizmorim (Hallel) first?
Pesachim 117a #1: Moshe and Yisrael said it when they left Yam Suf. They said "Lo Lanu Hashem Lo Lanu" (Maharsha - not for our sake do we request salvation, for we lack merit - rather, save us for Your honor); Hashem answered "Lema'ani Lema'ani E'eseh" (Yeshayah 48:11).
Pesachim 117a #2: Yehoshua and Yisrael said it when the kings of Eretz Yisrael opposed them - they said "Lo Lanu... " and Hashem answered "Lema'ani... " [and similarly for the coming answers].
Pesachim 117a # 3: Devorah and Barak said it when Sisera attacked.
Pesachim 117a #4: Chizkiyah 1 and his contemporaries said it when Sancheriv attacked. Malbim - the verses are appropriate. There is Tefilah for a Choleh (Chizkiyah), thanks for his cure, thanks for the fall of the enemy. According to the opinion that it was said earlier, what happened to the children, it [already] happened to their Avos. Also David, in his illness, asked to be saved from his enemy.
Pesachim 117a #5: Chananyah, Misha'el and Azaryah said it when Nebuchadnetzar threw them into the furnace.
Pesachim 117a #6: Mordechai and Esther said it when Haman decreed to destroy Yisrael.
Pesachim 117a #7: Nevi'im enacted to say it at every festival and every time that Yisrael are saved from distress.
Rav Elyashiv: Surely David already wrote it in Tehilim! Tana'im argue about who said it first over a miracle.
What does Hallel discuss?
Radak: It begins with the Gevuros that Hashem did in the world. When He wants, He raises the lowly and lowers the high, like He did with Yisrael and Egypt.
Malbim: There are five parts. (a) Until "b'Tzeis Yisrael mi'Egypt" discusses His Hashgachah in the lower world, unlike idolaters think, that He handed over conduct to the Ma'arachah of the stars.
Why does it say three times "Hallelu"?
Radak: We must say many praises to Him.
Why does it say "Avdei Hashem"?
Radak: This calls to them, like "ha'Kahal Chukah Achas Lachem" (Bamidbar 15:15). Avdei Hashem are Chachamim, who fear Hashem. They know how to praise Him according to their Chachmah and understanding of His name!