Even in the face of deep betrayal and broken promises by the people, a divine guarantee remains unbreakable. The primary approach among commentators is that despite the nation's disrespect, God does not hold onto anger forever. He refuses to break His side of the agreement, for a promise of good that comes from God can never be canceled.
The memory of the people's early days refers to the original promises made to the Patriarchs and the powerful agreement formed at Mount Sinai. The era stretching from the Exodus from Egypt until the arrival in the Land of Israel is viewed as the nation's youth [מלבי״ם, רד״ק, מצודת דוד]. Simply accepting the Torah during those early days carries massive merit. Because the very existence of heaven and earth depends on the Torah, this powerful merit ensures that God remembers the agreement [חומת אנך].
Looking to the future, God promises to renew this bond endlessly, maintaining it just as the people originally accepted it for all generations. He commits to saving Israel and ending His anger toward them [מצודת דוד, רד״ק, ביאור שטיינזלץ]. However, this eternal bond will only take effect after a period of reckoning. The people must first face the consequences of their actions, reflect on their past wrongs, and feel genuine shame for what they have done [רד״ק].
There is a fundamental difference between the original agreement and the future one. While the first bond was based on certain conditions, the future eternal covenant will be absolute and completely unconditional. Through the pain of exile and the great miracles that will eventually occur, the Torah will be carved deeply into the hearts of the people. In this future state, the urge to do evil will lose its power entirely. There will be no lingering doubts about God's direct involvement in the world, and the very possibility of sinning will completely vanish [מלבי״ם].