1 He, seeing with that churl so fair a wight,
churl > bumpkin, boor, low fellow wight > creature, woman
2 Decked with many a costly ornament, 3 Much marvelled thereat, as well he might,
thereat > at that
4 And thought that match a foul disparagement:
disparagement > {Marriage to one of inferior rank; the disgrace occasioned by this}
5 His bloody spear eftsoons he boldly bent
eftsoons > thereupon bent > brought to bear
6 Against the silly clown, who, dead through fear,
silly > silly; helpless clown > yokel, peasant; clown