1)
What is "k'Ayin Negdo"?
1.
Rashi: They are like nothing in His eyes. They are not esteemed to Him.
2)
Why does it say "me'Efes"?
1.
Radak: They are less than zero. This is like "Hemah me'Hevel Yachdav" (Tehilim 62:10).
3)
Why does it add "va'Sohu Nechshevu Lo"?
1.
Malbim: First it said that the nations are nothing compared to Hashem. Now it says that intrinsically, they are not important at all.