Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. A man named Marthad ibn Abī Marthad was sent by the Prophet ﷺ to Makkah to rescue some Muslim prisoners there. When he arrived, a woman named ʿAnāq, who had been his mistress in the pre-Islamic era, heard of his presence. When he embraced Islam, he turned away from her. She came to him and said, "Woe to you, Marthad! Won't you come be alone with me?" He replied, "Islam has come between me and you, but if you wish, I will marry you. When I return to the Messenger of Allah ﷺ, I will seek his permission for that." She said, "Would you reject me?" and cried out for help against him. They beat him severely but then let him go. When he had accomplished his task in Makkah, he returned to the Prophet ﷺ and asked him, "Is it lawful for me to marry her?" Thereupon, this verse was revealed. [Ibn ʿAbbās]
2. ʿAbdullāh ibn Rawāḥah had a female slave. One day, he became angry with her and struck her. Feeling remorseful, he went to the Prophet ﷺ and informed him of what had happened. The Prophet ﷺ asked him, "What is she like, O ʿAbdullāh?" He replied, "O Messenger of Allah, she fasts, prays, performs ablution properly, and bears witness that there is no deity but Allah and that you are the Messenger of Allah." The Prophet ﷺ said, "O ʿAbdullāh, she is a believer." ʿAbdullāh swore, "By the One who sent you with the truth, I will set her free and marry her!" He did so. Some Muslims criticized him, saying, "He married a slave woman," while they themselves desired to marry polytheistic women due to their lineage. Thereupon, this verse was revealed. [Al-Suddī]

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Some commentators have mentioned that the story of ʿAnāq and Abū Marthad was the reason for the revelation of part of this ayah: "And do not marry polytheistic women until they believe", and the story of Ibn Rawāḥah was the reason for this part: "And a believing slave woman is better than a polytheistic [woman]".

What is the context of revelation for this āyah?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. It encompasses both women of the People of the Book (e.g., Jews and Christians) and all other polytheists. [Majority]
2. It specifically refers to idol-worshipping polytheist women. [Saʿīd ibn Jubayr, al-Nakhaʿī, Qatādah]

Who are the idolatresses (*mushrikāt*) that believers are prohibited from marrying in this āyah?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. It refers to an enslaved woman. [Majority] In this case, the meaning is: marrying a believing slavewoman is better than marrying a free polytheist woman. Ibn al-Jawzī: this is more correct.
2. It refers to any woman (as everyone is a slave of Allah), even if she is not in  the position of slavery. [Al-Ḍaḥḥāk]

What is meant by "a believing bondwoman" in this āyah?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. Due to her beauty and allure.
2. Due to her lineage and status.

What is meant by "though she please you"?

Imām Ibn al-Jawzī (d. 597/1201) summarized the scholars' opinions in his book "Zād al-Masīr" as follows:

1. Those who held that the verse refers specifically to idol-worshipping women maintained that it remains in effect. Some who supported this view argued that the Jews and Christians are not considered polytheists even though they reject the prophethood of our Prophet. 
2. As for those who believe the verse is general and includes all types of polytheists, they have two views:

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2a. Some of its ruling has been abrogated by the verse, "And [lawful in marriage are] chaste women from among those who were given the Scripture before you" (5:5), while its ruling concerning other than the People of the Book remains in effect. 
2b. This is a case of exception and specification, not abrogation. The wording here includes all polytheist women (including People of the Book)*, but an exception has been made giving permission to marrying certain types of disbelieving women in a specific evidence, which is the verse "And [lawful in marriage are] free women from among those who were given the Scripture before you" (5:5). [Majority of jurists, similar from Companions including ʿUthmān, Ṭalḥah, Ḥudhayfah, Jābir, Ibn ʿAbbās]

*They are counted among polytheists since they said, "Ezra is the son of God," and "the Messiah is the son of God." Or their disbelief in Muḥammad ﷺ necessitates saying that what he brought is not from God, and attributing it to something other than God is polytheism. [Ibn al-Jawzī's teacher, ʿAlī ibn ʿUbayd Allāh]

Is the ruling in this āyah abrogated by the permission to marry Jewish and Christian women (5:5)?