2. The Alter Rebbe explains this verse based on Kabbalah as follows:
MEDITATION (ON GOD)
Mighty waters refers to the meditation that one contemplates the greatness of G-d – that G-d both is within every aspect (e=m) and is beyond all aspects, and all aspects literally are like a speck to him (This is the meditation one should have when reciting Shema, and Boruch Shem.)
-MEDITATION/LOVE
Following this one comes to Love G-d with all one hearts, soul and might- meaning unlimitedly- and this great love can never be quieted.
-LOVE/KNOWLEDGE
In other words, the love is stronger than the knowledge (of this meditation.)
-LOVE/REVELATION
In fact “rivers cannot flood (extinguish) it” – rivers refers to the revelation (of Godliness) in Gan Eden (heaven.)
Though the Revelation in heaven is an exceptionally high light and there are infinite higher and higher lights, nonetheless, all these lights cannot quite one’s great love for God – only though fulfilling Torah and Mitzvos (does one achieve this bonding, as the nature of love is to seek unity.)
-REVELATION/TRUTH
For light is Revelation (hence not essence) while the Torah and Mitzvos are God (Himself.)
Now though the above two explanations (on the verse) seem contradictory (for one speaks highly and the other negatively of the Jewish people’s love/state) nonetheless, not only are they not contradictory they are complimentary.