goodly > fine, beautiful heap > pile; hence: large building

2 And spoke the praises of the workman's wit;

wit > skill

3 But full great pity, that so fair a mould

full > very, exceedingly mould > form, structure

4 Did on so weak foundation ever sit:

so > such [a]

5 For on a sandy hill, that still did flit

still > continually flit > yield, crumble (see Matt. 7.26-7)

6 And fall away, it mounted was full high,