What is the meaning of "ul'Tziyon Ye'amer Ish v'Ish Yulad Bah"?
Rashi #1: When [the nations] will bring [Jews in their lands] to Tziyon, for a gift to Hashem 1 , they will say about each 'he is from those exiled from you, and from their offspring.'
Rashi #2: This praise that is now of Egypt and Bavel, it will turn to Yerushalayim; about it, they will say 'Ploni was born there.'
Radak: In Tziyon, there are always many great, famous Chachamim about whom one can say 'they were born here' (as opposed to other lands - refer to 87:4:3:3).
Malbim: For Tziyon, I must mention every individual found in it. Each individual completes the Klal. Just like every limb completes a living being - each is needed for completeness of the body (as opposed to other nations - refer to 87:4:1:6).
Radak (7, from Shocher Tov): "V'Hevi'u Es Kol Acheichem mi'Kol ha'Goyim Minchah la'Shem" (Yeshayah 66:20).
What is the meaning of "v'Hu Yechoneneha Elyon"?
Rashi: Hashem will establish it above all cities.
Radak #1: It means v'Hu Elyon Yechoneneha. Also "Hu Tzivah Li Achi" (Shmuel I, 20:29) means v'Hu Achi Tzivah Li, "Mekom Sham Kever" (Yechezkel 39:11) means Mekom Kever Sham. I.e., Hashem, who is above everything, and He formed the world, He formed and prepared this place better than all places.
Radak #2: It is a Tefilah. This city, may [Kel] Elyon establish it to endure many years.
Malbim: An individual will establish Tziyon to be supreme. Through each person of its people, it increases perfection and elevation to the nation of Tziyon.