When does this Parashah apply?
Rashi: This Nevu'ah is punishments for Yisrael. He prophesized consolation for them, and before it they will see great affliction. Therefore, he told them 'I do not tell you that you will inherit [the land]. The good Nevu'ah is for those who remain from you on the day of redemption; they will raise their voices in song.
Radak #1: The Meforshim said that this Parashah discusses the Galus of the 10 tribes. So it says in Chazal (Shabbos 119b) and Targum Yonasan.
Radak #2: I say that it is for the future. Refer to 24:12:2:3.
What is the meaning of "Bokek ha'Aretz u'Volkah"?
Rashi: Hashem will empty the land and destroy it.
Radak: He will empty the land of people. However, "Gefen Bokek" (Hoshe'a 10:1) is Po'el Omed (the action applies only to the subject), and here it is Po'el Yotzei (it acts on others). This is like "u'Mevukah u'Mevulakah" (Nachum 2:11). The ring will be destroyed and cut.
Radak citing his father: It refers to opening [the gate, so people can leave from it]. It seems that Yonason translates u'Volkah like this - he will hand it over to the enemy.
Malbim: First [Sancheriv] will empty the fruits of the land, and then make everything Hefker.
What is the meaning of "v'Ivah Faneha"?
Rashi: Its esteemed people were terrified. V'Ivah is like "Na'avesi mi'Shmo'a" (21:3).
Radak: This is a metaphor; he will destroy the face of the land, so nothing living will be found on it. The entire verse repeats destruction of the land in different words, to strengthen the matter.
Radak citing Targum Yonasan: The faces of the great people will be covered with shame, because they transgressed the Torah.
Malbim: [First Sancheriv will plunder their wealth; after,] he will destroy the land itself [to the point that no one recognizes his inheritance], and then he will scatter its residents (lead them) into exile.