The following lines are omitted here -
Nor heed nor see what things they be,
But from these create he can,
Forms more real than living man,
Nurslings of immortality!
This is the poem of nineteen lines.
the world is Too Much with Us , means the people of this world are engrossed in the futile pleasures of this material world.
late and soon _ all the time, throughout their entire life,
they earn and spend money over futile pleasures of this mortal world.
We lay waste our powers- We fritter away our energies in petty, futile pursuits, instead of devoting them to higher and nobler aims; or ,we regret our higher spiritual powers so much that they decay.
We do not turn to Nature to enjoy its beauty, joy, sound, music or pleasure.
The people of this world are fully devoted to these mean entities.
a sordid boon - a mean or the benefit of low significance.We have given our higher impulses for material benefits and it is a bad bargain.In this poem the sea is a personified as a beautiful woman who bears her bosom to the moon.During the mid-night when the silvery moonlight falls upon the surface of the water of the sea that scene looks equally beautiful as a fair woman does. That is the beauty prevailing in the lap of Nature.