What is the meaning of "there is God's Face/Direction (Wajh)"?

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

1. It means that Allah is there, that is to say: His knowledge is with you wherever you are. [Ibn ʿAbbās, Muqātil]
2. It means the direction of prayer (qiblah) which Allah has provided. [ʿIkrimah, Mujāhid]