In early 2009, I had the opportunity to study Micah as part of the Moore College masters program, with Andrew Shead our teacher. I wrote six sermons based on the Hebrew exegesis we did. I will be adding each Micah sermon as I preach it at St Paul's Shellharbour.
One of the considerations in dividing up the book was to try and make sure there was both a word of judgment and a word of hope in each sermon. In Micah 1, I did this by linking to the historical situation of the Jerusalem siege and Yahweh's generous response to Hezekiah's prayer. This was also a reason why I did one sermon on Micah 3-4: chapter 3 is the word of judgment on Jerusalem, but chapter 4 is a rich word of hope that Jerusalem will be raised after it's ruin. Likewise, Micah 2:1-11 is a word of doom, but 2:12-13 are beautiful words of hope promising the shepherd King. The same pattern is found in chapter 5, though the word of hope of the shepherd King is in 5:1-6, while 10-15 is a word of judgment; 7-9 shows the remnant to be a blessing to some among the nations, but a cursing to others.
As to commentaries, Bruce K Waltke has written three, all very helpful. I found his commentaries in the Tyndale Old Testament Commentary and in T E McComiskey (ed), The Minor Prophets very stimulating and helpful, though you will see I have not followed him in everything. By the way, McComiskey, formerly very expensive in 3 volumes, is now available in a single hard back volume from Baker Academic. I bought it for $AU55!, a bargain buy for such a detailed commentary on the Minor Prophets! The format in the single volume is really good: the top of the page is exegesis of the Hebrew, the bottom is exposition. The author of each commentary also provides his own translation as well as that of an English version. I think preachers without Hebrew would find it a valuable resource. I found Waltke's more recent and larger volume on Micah difficult to use, because of the annoying transliteration of Hebrew and the large amount of comment. But he also has in it some excellent pointers for application. If you have the time and inclination, Andersen and Freedman in the Anchor Bible was also helpful, but borrow it from the library.