What is the significance of "Chesed Chafatzti v'Lo Zavach"?
Radak: Even though [the 10 tribes] returned to serve Hashem in the Beis ha'Mikdash in the days of Hoshe'a ben Elah 1 , for he abolished the guards that Yaravam stationed on the roads, they did not have Da'as Elokim.
Malbim: The primary intent of Shelamim is to feed the meat to the poor, in Kedushah. The Chesed is more important than the Korban!
Tana d'Vei Eliyahu Zuta (9) says that he removed the noose from an individual's (the king's) neck, and hung it on the Rabim's neck. This implies like Rashi (5:3), that the 10 tribes did not ascend for the Regalim. However, Yalkut Shimoni (Melachim II, 234) adds that Hoshe'a ben Elah was punished for not finishing the Mitzvah that he began. He permitted people to ascend; he should have ordered them to ascend! (PF)
What do we learn from "v'Da'as Elokim me'Olos"?
Rashi: I desire [that people have] knowledge of Hashem, more than I desire Olos.
Radak: Also Yehudah, which served Hashem in the days of Yoshiyah who destroyed the Bamos and Mizbechos [for idolatry], and they offered Korbanos to Hashem in the Mikdash, [this is not primary, rather,] doing Chesed and Da'as Elokim (Mishpat and Tzedakah) is primary.
Radak citing Targum Yonasan: Those who engage in Torah [are desired more than Olos].
Malbim: Olah is totally burned to Hashem. Its primary purpose is so man should know Hashem, and that it is proper to offer himself totally on His Mizbe'ach to be pleasing to Him.