Verse 4a is identical with 48.1a, and here it gives the reason why Yahweh should be praised by all peoples. The statement “is to be highly praised” may be expressed by “should be…,” or “is worthy of being…,” or “deserves to be….” “Honored” translates the verb “to fear” (Revised Standard Version; see 15.4); here, in the contrast between Yahweh and all the gods, the meaning is better expressed by “awe” or “reverence,” or even “fear”; see New English Bible “he is more to be feared than all gods” (also Dahood). The impersonal construction of both Good News Translation and Revised Standard Version he is to be feared will have to be recast in many languages to say, for example, “people should worship the LORD” or “people should have reverence for the LORD.”

The word gods (Hebrew ʾelohim) refers to supernatural powers that are recognized as existing, but inferior to Yahweh. Therefore translators should not translate gods by a term meaning “evil spirits” or “demons.” In some languages gods may be called “strong spirits.” The gods should not be translated by the term used for “angels” or “God’s messengers.” In some languages gods may be rendered by a phrase meaning “the little gods” or “the spirits that are not the great spirit.” Implicitly the psalmist acknowledges the reality of the gods of other nations (verse 4a), but at once he declares that they are idols, in no way to be ranked with Yahweh, who made the heavens. The Septuagint translates the Hebrew word by “demons,” but the word means essentially “nothing, nobody,” a term of contempt which is better represented by idols. In speaking of Yahweh as Creator, the psalmist seems to single out the heavens, perhaps because it was believed that the act of creating them was the greatest of all (see 8.3). In some languages idols are referred to as “things which people worship” or, depending on the local practice, “wooden things people pray to” or “things people make and pray to.” Accordingly verse 5 may sometimes be rendered “the gods which some tribes worship are nothing more than things made by people for worship, but the LORD made the heavens.” If the contrast must be made more explicit, the translator may say “… but the LORD is so great he made the heavens.”

Quoted with permission from Bratcher, Robert G. and Reyburn, William D. A Handbook on the Book of Psalms. (UBS Helps for Translators). New York: UBS, 1991. For this and other handbooks for translators see here .