What are the connotations of "u'Shemartem Es ha'Matzos"?
Rashi #1 and Targum Yonasan: It presents the obligation to guard 1 the Matzos (while they are being kneaded - Targum Yonasan) against becoming Chametz. 2
Rashi #2 (citing Rebbi Yashiyah): By reading (not Matzos, but) Mitzvos, 3 the Torah is teaching us not to let Mitzvos that come to hand become 'Chametz;' but rather to perform them without delay. 4
Seforno: It is a Mitzvah to perform Mitzvos with Zerizus (swiftly and expediently), just as Hashem did with us. 5
Rashbam: It is an additional warning to eat Matzos on Pesach (night), to commemorate the Exodus from Egypt. 6
Pesachim 38b: It is a prohibition against using Chalos Todah and Rekikei Nazir for the Mitzvah of Matzah - seeing as they are guarded for the sake of the Korban, and not for the sake of Matzah Shel Mitzvah. 7
Pesachim 40a: It implies that it is a Mitzvah to perform 'Lesisah'- moistening the wheat with water. Otherwise, what would be the point of the guarding? 8
Yerushalmi Pesachim, 2:4: It comes to invalidate Matzah Revuchah - Matzah that is boiled with oil in a pan - because it does not rise 9 and does not therefore require guarding.
Rif (to the second Perek of Pesachim 12a): It obligates guarding against Chametz already from the time of harvesting. 10
In fact, in the event that one fails to do so (from the time of grinding and sifting), irrespective of whether the Matzos became Chametz or not, one has not fulfilled the Mitzvah of eating Matzah Shemurah. (See Rashi to Gitin 10a, and to Chulin 7a).
By applying cold water should the dough show signs of rising (Rashi and Targum Yonasan), and through baking them swiftly, not giving the dough a chance to rise (Seforno). Mechilta - If the dough begins to rise, the woman should dip her hands in cold water. If it turns into Si'ur (a minimum degree of leavening), or starts to crack, it must be burnt.
Gur Aryeh: Why make such a derivation here? Surely in its simple meaning, the Pasuk is indeed talking about Matzos. It could have said, 'take heed from Chametz;' because it says "guard the Matzos" (which can be read as 'Mitzvos'), we interpret that the same concept also applies to Mitzvos in general.
See Torah Temimah, note 159, who elaborates.
As the Pasuk goes on to explain.
Pesachim (loc. cit.): And guarding by the kneading is not counted - See Torah Temimah, note 154.
What is the connection between the Mitzvah to 'guard' the Matzos, and the reason the Torah then gives for it?
Seforno: Just as Hashem performed the entire Exodus - gathering Yisrael to one place (from Ra'meses to Sukos), in one day; 1 so too, should we perform the Mitzvos in the same way. 2
Rashbam: Because Hashem took them out promptly when He did, the dough that they were preparing did not have time to rise. 3 Hence the Mitzvah to eat Matzah on the first night of Pesach to commemorate this. 4
Oznayim la'Torah: Because Matzah, as opposed to Chametz, sticks together, 5 and it was because Yisrael stopped the quarreling among themselves and unified in their decision to leave Egypt, 6 that Hashem decided to redeem them and take them out of Egypt. 7
Seforno: Something which, under normal circumstances, would have taken many days and nights.
Rambam: As the Torah writes later (12:39).
As we recite in the Hagadah.
Oznayim la'Torah: Chametz rises due to the particles of dough separating.
Oznayim la'Torah: Immediately; before Dasan and Aviram had a chance to create discord among the people and query Moshe.
And this is the essence of the Isur Chametz on Pesach. See Oznayim la'Torah who elaborates.
What are the implications of, "Ki b'Etzem ha'Yom ha'Zeh"?
Mechilta: It implies that (although they were set free at night-time) they only left Egypt in the day. 1
See Torah Temimah, note 160.
What are the connotations of "u'Shemartem Es ha'Yom ha'Zeh"?
Rashi #1: It is an additional prohibition against performing work on Pesach. 1
Rashi #2 (to Chulin 7a): It teaches us that, even if one knows that the Matzos did not rise, one is not Yotzei the Mitzvah of Matzah unless they were guarded against Chimutz..
Moshav Zekenim: "U'Shemartem Es ha'Yom" forbids a Shevus (Isurim d'Rabanan on Shabbos and Yom-Tov); 2 "ha'Zeh" excludes Chol ha'Mo'ed.
Rashi: Otherwise, we would have thought that, since the Torah does not write 'Doros' or 'Chukas Olam' in connection with Melachah, the prohibition was confined to that year exclusively. Oznayim la'Torah asks - If so, it ought to have juxtaposed this Pasuk to the Isur Melachah in 12:16 above.
See Torah Temimah, note 162.
Bearing in mind that Yisrael were still in Egypt, how can the Torah write, "Hotzeisi Es Tziv'oseichem me'Eretz Mitzrayim"?
Ibn Ezra: Although this Parshah was said on Rosh Chodesh, it is referring to what future generations will say.
QUESTIONS ON RASHI
Rashi writes: "You shall guard the Matzos - that they not become Chametz ... If [the dough] started to puff up, she should rub cold water on it." What is this Pasuk adding? We already learned of the prohibition of Chametz!
Gur Aryeh: A person baking Matzah (after the prohibition of Chametz sets in) might think she can bake at leisure; and at worst case, if the dough becomes Chametz, she will burn it. This Pasuk adds that she must actively take steps to hold the dough back from becoming Chametz.
Rashi writes: "... Just as we do not let Matzah become Chametz, so too [we do not delay] a Mitzvah." Why are these comparable? Seemingly, Matzah needs extra care because of the risk of becoming Chametz! This is not the case for other Mitzvos!
Gur Aryeh: The Matzah teaches us how Hashem revealed Himself to Bnei Yisrael in Mitzrayim, and redeemed them, not leaving time for their dough to rise (Hagadah Shel Pesach). Hashem's deeds are fast and powerful, and they take effect without delay -- as that which is not physical 1 is not bound by time. 2 That is why Matzah must be made without any delay. The same applies to Mitzvos; in contrast to other worldly activities. As Divine commands, they must be done quickly, i.e. above time. To delay Mitzvos would be to degrade them, as if they were mundane activities.
Maharal #1 (Nesivos Olam, Nesiv ha'Torah, end Ch. 17, p. 74): Se'or (sourdough) symbolizes the Yetzer ha'Ra. 3 Just like one must guard Matzah dough from any catalyst that would cause it to ferment; so too, we must be on guard that our Yetzer ha'Ra should not stop our performance of the Mitzvos.
Maharal #2 (Chidushei Agados Vol. 4, p. 92, to Chulin 7a): Matzah is refined from any presence of Se'or. So too, performing a Mitzvah brings refinement of our Nefesh from the excesses of physicality. 4
Maharal's term is "Sichliyim," lit. having to do with the intellect. He often uses this term in reference to the Divine wisdom in the Torah (e.g., in Nesivos Olam, Nesiv ha'Torah - see answer 2, or in Derech Chayim to Avos 1:12). (EK)
Maharal (Gevuros Hashem, beg. Ch. 46): Time is a physical property (it is based on motion of a physical object, e.g. the luminaries). Something that transcends the physical, must be done outside of the constraints of time. Also refer to 12:11:2.1:3**.
For more about the negative associations of Chametz and Se'or, refer to 12:15:159.