"Noach found favor in the eyes of Hashem." What does this mean, and why?
Ramban: The term 'Chein' implies that everything that Noach did was nice and pleasant (like we find the term 'Chein' in connection with Yosef and Esther), and made Hashem happy. 1
Seforno: Because Noach found favor in the Eyes of Hashem (not because he was worthy), 2 Hashem was going to save, not only him, but also his children. 3
Targum Yonasan: Hashem favored Noach over the other people of his generation, because he was a Tzadik. 4
Sanhedrin 108a: It implies that the decree of destruction covered Noach as well, 5 only he found favor in the Eyes of Hashem.
In contrast to the other people of his generation, who made Him sad - Refer to 6:6:0.1:3 - as the Ramban explains.
The Navi cites Noach, Daniel and Iyov as examples of great Tzadikim who did not have merits to save their children (Yechezkel 14:12-20), because they failed to teach the people of their respective generations how to serve Hashem.
One wonders however, why Shem and Yefes (who were both Tzadikim), did not merit salvation in their own rights? Refer to 6:9:2:2* .
The Torah is relying on the following Pasuk, where it describes Noach's virtues in more detail (as the Ramban points out).
See Torah Temimah, note 1.