Literary analysis: There is an abrupt change between verses 4 and 5. Verses 1-4 a certainly in the future, where verse 5 begins by introducing a theme in the past tense. Such abrupt shifting is not unusual in Isaiah, and is left to the reader to understand the difference. In the unit Nephi copies into the Book of Mormon (Isaiah 2-5, 2 Nephi 12-15) we have an introduction in the future, and then a long section discussing the sins of Israel which will lead to future calamities. Even these calamities that are predicted, however, do not return to the glorious future noted in verses 1-4. For that level of redemption we must wait for the balancing verses at the end of 2 Nephi 15 (Isaiah 5) which once again appear to deal with the events of the last days:
2 Ne. 15:26 And he will lift up an ensign to the nations from far, and will hiss unto them from the end of the earth; and behold, they shall come with speed swiftly; none shall be weary nor stumble among them.
2 Ne. 15:27 None shall slumber nor sleep; neither shall the girdle of their loins be loosed, nor the latchet of their shoes be broken;
2 Ne. 15:28 Whose arrows shall be sharp, and all their bows bent, and their horses' hoofs shall be counted like flint, and their wheels like a whirlwind, their roaring like a lion.
These verses provide an interesting pseudo-parallel to verses 1-4. Where in the beginning of the unit the house of the Lord is raised up, in the final verses it is the ensign. Where in the beginning the result is peace, in the end it is war.
Both of these prophetic views of the end are correct, but at different times. The image of the beginning of Isaiah is the final victory of the Lord, and the peace of the Lord. The image at the end is the conquering Lord that the nations will fear, an event preceding the peace of the Lord.
Scriptural analysis: Isaiah begins his call to repentance. In the past tense he notes that the house of Jacob has turned from their God and into sin: "for ye have all gone astray, every one to his wicked ways."