Targum Yonasan: The nations of the world carry their gods on their shoulders ¹ but when they cry out to them, they do not hear - So near, yet so far! Whereas Hashem sits on His Throne faraway in the Heaven, yet He hears our prayers whenever we cry out to Him - So far yet so near!.

Oznayim la'Torah: It implies that Hashem is our Relative - that He is proud to have us aas a nation. ²

Rashi (in Divrei Hayamim 1, 16:10): It implies that we should be proud to have such a holy G-d.

Rashbam #1 (7:11, citing Midrash Shochar Tov): It implies that, in spite of the fact that all of Yisrael are pushing Hashem with their prayers, He never becomes overwhelmed by them, but listens to them all. ¹

Rashbam #2 (7:11 citing Midrash Shochar Tov): As opposed to the other gods, who appear to be so close but who are really so far, ² our G-d may appear to be so far away, ³ yet a man goes to the Beis ha'Keneses and whispers a Tefilah, and He listens. ⁴

Rosh Hashanah, 18a: It teaches us that Hashem always answers the prayers of a Tzibur - even if it entails tearing-up a decree that has been written and sealed.

Oznayim la'Torah: It implies that the more we Daven to Him, the closer he gets. ⁵

Rashbam: In Sh'mos, 2:24 "Vayishma Elokim es Na'akosam", in Beshalach, Sh'mos, 14:10 & 15 "u'Far'oh Hikriv ... Vayitz'aku B'nei Yisrael el Hashem"; "Mah Titz'ak Elai? ... Daber el B'nei Yisrael Veyisa'u!"; by the Manna and by the quails (Beshalach, Sh'mos 15:7-9, 12) and by the water (Beshalach, Sh'mos 17:2 & 7).

Sanhedrin, 38b: The end of the Pasuk is written to answer the Tzedokim, ¹ who try to prove from the beginning of the Pasuk that there is more than one G-d (Chas ve'Shalom). ²

Rosh Hashanah, 18a: The current Pasuk is referring to a Tzibur - see 4:7:1:4 - whereas the Pasuk in Yeshayah is referring to a Yachid.