What is the significance of the promise to give Eretz Kena'an?
Rashi: This was the Bris that He made with them (the Avos).
Malbim: This explains "Davar Tzivah l'Elef Dor" (verse 8).
To whom did Hashem say so?
Radak: To each of the Avos.
Gra (Divrei ha'Yamim I, 16:18): Eretz Kena'an was given "Lecha" - to Avraham. Nachalah, i.e. Yerushalayim, Har ha'Bayis and the Mikdash, were not given to one person, rather, to Avraham, Yitzchak and Yakov, respectively. This is why it says "Chevel Nachalaschem."
Why does it say "Chevel Nachalaschem"?
Radak: This addresses Yisrael. Malbim - the reason He gives Eretz Kena'an is because it is special for Hashgachah, Kedushah and Nevu'ah; it is appropriate for you. There is Divine Hashgachah on you!
Gra: Refer to 101:11:2:2.