As with the first commandment, also here people have either diminished or exaggerated the meaning. Muslims have turned it into a negation of artful liberty. The depiction of people, animals and angels is evil for them. But what is forbidden here is the WORSHIP of other gods besides the only true God. Roman Catholics, however, have diminished this commandment in stating that venerating an idol (particularly Mary) is a rightful, religious practice.
I] When you pay undue attention to anything, then you idolize it. This happens inevitably to the detriment of other areas in your life. It goes against the first commandment and is a form of worship rather due to your Maker.
III] Any idol competes with God Who alone is due all homage. Be mindful that your Creator is a jealous God and it is a frightful thing to fall into the hands of the living God. Do not use His Name for anything else.
IV] The idea that one should keep the law out of thankfulness puts one on the wrong footing. 'The letter (of the law) killeth, the Spirit (with a capital 's') quickeneth!' One cannot mortify one's members that are upon earth with this idea. Only in complete childlike dependence and thorough awareness of one's own total feebleness can this be accomplished. And that in combination with a deep repentance about one's own utter state of corruption.
V] God wants to be a loving Father for you, but for that to happen you must give Him the place He deserves.
VI] Then you cut off the true source of Life, God, in your being; with the ensuing damage to all the aspects of your life.
VII] You commit spiritual whoredom with your idol, behind which stand the spirits and principalities of the air [see Eph.6].
VIII] Then you rob God of His honor.
IX] You lie about His all-holy Person and call lying spirits truthful.
X] You covet divine honor for yourself. For you identify with your idol(s), so as to be your own god. Because you confer as a god honor upon your own idol, that idol must be the expression of your own divinity.