Who are all these noble people, this goodly company? The King of Kings has erected a grand pavilion.

This couplet paints a picture of a magnificent celebration. It asks, "Who all from the community of good people are here?" and then mentions the "King of Kings." It describes how a "grand pavilion has been set up." Essentially, it's about a very important gathering where everyone, from respected community members to the highest ruler, is present under a splendid, specially erected tent or structure. It evokes a sense of grandeur, community, and royal presence at a significant event. It's an invitation to imagine a truly special occasion.