What is "Eretz ha'Karmel"?
Rashi citing Targum Yonasan: It is Eretz Yisrael, which is planted like a Karmel (forest).
Radak: Karmel is a land farmed with fields, vineyards and good trees. Because Eretz Yisrael was so - "Eretz Chitah u'Se'orah v'Gefen u'Se'enah v'Rimon Eretz Zeis Shemen u'Devash" (Devarim 8:8), it is called Eretz ha'Karmel.
Why does it say "Le'echol Pityah v'Tuvah"?
Malbim: Even though they sinned, He brought them to a land to be satiated from physical good, and the true good (the land is proper for spirituality).
Why does it say "Artzi v'Nachalasi"?
Radak: It is the land proper for Me to rest My Shechinah. It was chosen over all lands for a reason known to the wise.
Malbim: Evil deeds blocked physical success (Artzi). After they entered Nachalasi (My Hashgachah), they made it To'evah.
What is "l'So'evah"?
Radak citing Targum Yonasan: It is for mistaken service [of idolatry], which is an abomination to Hashem.