1)
Why did Moshe discuss Matan Torah (in this Pasuk) before Yeyzi'as Mitzrayim (in Pasuk 34)?
1.
Oznayim laTorah #1: Because it follows on from "O ha'Nishma Kamohu" 1 in the previous Pasuk.
2.
Oznayim la'Torah #2: Because the thrust of the Parshah is the fact that Hashem chose Yisrael as His nation and gave them the Torah. 2
2)
How could an entire nation merit prophecy?
1.
Lev Eliyahu (Sh'mos p.121): During the forty-nine days from Pesach until Shavu'os, they acquired the forty-nine Midos of Kedushah that bring to Ru'ach ha'Kodesh and prophecy!