Why did Hashem say "Anochi" and "Lo Yih'yeh l'cha ... " in the first person?
Rashi (in Sh'lach-L'cha Bamidbar, 15:22) and Ramban #2 (in Pasuk 7, citing Makos, 24): Because Yisrael heard "Anochi" and "Lo Yih'yeh l'cha" (the warning on Avodah Zarah - Rashi) 1 directly from Hashem, but the rest they heard only from Moshe Rabeinu. 2
Ramban #1 3 : The Gemara in B'rachos (13b) refers to this (dual) Mitzvah as Kabalas Malchus Shamayim - since it is akin to a king asserting his authority over his subjects. 4
Rashi: As the Pasuk writes in Tehilim, 62:12 "Achas Diber Elokim, Sh'tayim Zu Shama'ati". Refer also to 20:1:3:1*.
Refer to 20:1:3:1. To reconcile this with "Vayedaber Elokim es Kol ha'Devarim ha'Eileh - in Pasuk 1, what the Gemara must mean is that, although they heard all ten Dibros from Hashem, they only understood the first two, and that the remaining eight Moshe had to explain to them.
The Mechilta compares this to a king whose subjects asked him to issue decrees (to form a constitution), and who replied 'First crown me king; then I will issue decrees! - because if you don't accept my sovereignty, you won't accept my decrees either'. Similarly, Hashem said to Yisrael 'I am Hashem your G-d! Do not accept any other gods!', before issuing them with other Mitzvos (Ramban). Refer also to 20:2:2:2.
What does the La'av of "Lo Yih'yeh l'cha Elohim Acherim ... " entail?
Rashi #1 and Ramban #1 (citing the Mechilta): It entails not even retaining an image 1 that has already been manufactured. 2
Rashi #2 (in Vayikra 19:4): Neither your own nor those belonging to others.
Ramban #2, Seforno and Rashbam 3 : It is a prohibition against accepting any deity 4 other than Hashem, even in its capacity as a servant of Hashem 5 (Seforno). 6 One may neither believe in it, accept it as a god, nor declare it as one's god (Ramban). 7
Hadar Zekenim: It is a prohibition against serving Hashem in conjunction with other gods who will assist Him - since we need only Hashem, and the other god are futile and empty.
Moshav Zekenim and Pane'ach Raza: It is a prohibition against accepting any image of Hashem. 8
Since the prohibition against manufacturing them is contained in the next Pasuk (Rashi). See Torah Temimah, note 19.
In which case this is a plain La'av that is not subject to Kareis (Ramban). According to the Ramban, the prohibition against retaining an image is an individual opinion.
From among the angels and the celestial bodies - that also bear the title 'Elohim' - as in Sh'mos 22:19 (Ramban) - bearing in mind that Hashem took us out of Egypt single-handedly (Refer to 20:2:1:1).
As in Bereishis 28:21 and in Vayikra, 11:45 (Ramban).
Despite the principle 'Eved Melech ke'Melech' (Shevu'os, 47b).
Like the Kutim did. See Melachim 2, 17:33 (Seforno).
Rikanti: This is also how the Ramban (in his Kabalistic interpretation), explains Targum Onkelos (Refer to 10:3:4:4* [See Rav Chavel's commentary on the Ramban]).
Even though the Torah writes in Bereishis 1:27 and 9:6. "be'Tzelem Elokim", there is an 'Esnachta' under "be'Tzelem" (disconnecting it from "Elokim"). Rather, "be'Tzelem" (in an esteemed mold that Hashem possessed), Elokim made man. (This does not concur with the Trop in our Chumashim there. Moreover, according to this explanation, "be'Tzelem" and "Elokim" in the former Pasuk seem superfluous (PF).
What are the connotations of "Elohim Acherim"?
Rashi #1: This means that, although they are not gods, others made them into (or call them - Mechilta) gods. 1
Rashi #2: They are god who are strangers to their own adherents, since they do not respond when they call them. 2
Ramban (citing Targum Onkelos) and Targum Yonasan: It is a prohibition against accepting angels 3 or celestial bodies as god in place of Hashem. 4
Moshav Zekenim and Hadar Zekenim (citing the Ibn Ezra): People think that they are gods, but they err.
Rashi It cannot be understood literally, since it would be a slight to Hashem to refer to images as 'other gods' (Moreover, the Navi writes in Yeshayah, 37:19 - in connnection with the gods of the nations - "Ki Lo Elohim heimah" - Mechilta).
As if they were somebody else - not the one being called (Rashi).
The Torah never refers to images as 'Elohim Acherim', as Rashi explains (Refer to 20:3:3:1*. See for example, Sh'mos 34:17 and Yeshayah, 37:19 (Ramban).
What are the implications of "Al Panai"?
Rashi #1: It implies 'as long as I exist' - in other words, forever. 1
Rashi #2 (in Devarim 5:7): It implie 'wherever I am' - in other words, anywhere in the world.
Ramban #1: It implies that Hashem is there watching 2 anyone who transgresses, wherever and whenever it may be.
Ramban #2 (according to Kabalah). Targum Onkelos and Targum Yonasan: It implies 'any god besides Hashem'. 3
Seforno: It is a reason for the prohibition 4 - because one does not pay homage to servants in the presence of their master.
Oznayim la'Torah: It implies that Hashem's anger is aroused when one serves Avodah Zarah 5 - to counter those who claim that a Chacham is only jealous of a Chacham ... . 6
Mechilta: To counter the suggestion that this prohibition is confined to the generation that left Egypt. See Torah Torah Temimah, note 21, who elaborates.
See for example, Bamidbar 3:4 (Ramban).
With reference to Micha'el (the Mal'ach ha'Beris) who accompanies Hashem wherever He goes. He is also the Mal'ach who appeared to Moshe at the Burning Bush, and this explains why Moshe bowed down to him there (Ramban). Refer also to 20:3:2:3*****.
Oznayim la'Torah: See Targum Yonasan in Ki Sisa, 33:14, on the Pasuk "Panai Yeielchu ... ".
See Rashi in Ki Sisa on Pasyuk 32:11.