"Vayishkon K'vod Hashem al Har Sinai". What is the definition of "K'vod Hashem"?
R. Bachye: "K'vod Hashem" is synonymous with what the Chachamim refer to as Shechinah, which in turn, is synonymous with Mida ha'Din ? orgerwise known as 'Yad', with which Hashem created the world. 1
As the Navi writes is in Yeshayah, 66:2 "ve'es Kol Eileh Yadi Asasah". See R. Bachye, who elaborates.
What are the implications of "le'Einei B'nei Yisrael"?
Rashi (in Ki Sisa, 34:30): It implies that they were not afraid and did not tremble at the amazing sight of 'Eish Ochlah Eish' ('Fire consuming fire').
Targum Yonasan: It means that they saw and were mesmerized as they watched 'Eish Ochlah Eish'.