The translation is as follows. I believe it largely captures the essential verses:
1. Praise is for Allah only -- The Lord of All being !
2. The Benevolent, the Merciful !
3. Master on the Day of Recompense !
4. Thee only do we serve, and Thee alone do we ask for help.
5. Direct us to the Straight Path -
6. The path of those to whom Thou has been gracious,-
7. Not of those who have incurred Thy displeasure, nor of those who have gone astray.
The last verse is a prayer to God to guide us on the path of goodness and progress (that path in the Quran is styled as the straight path) and not of those who have deviated from this path. A person who deviates may be anyone, and it is certainly not restricted to any faith. He can be outwardly Muslim, may be outwardly Hindu, Christian jew whatever; but internally he is not righteous and not turning towards God.
The Quran's words are very simple to understand if they are read in the manner they were meant to be: as a direct appeal to the heart of man. Unfortunately many people try to mould the meaning of the Quran within their schismatic themes, this style of commentary called tafsir-bir-rai is a problem which has plagued the commentaries of the Quran for centuries. Even, in the present case, any person reading the above 7 verses for the first time will absorb an elemental understanding of them very easily. But no, people have not rested and found extraneous meanings to suit their own viewpoints (many times exclusivist views or ego-centric views of our way of life is better then others) in this very simple to understand verse.
Regards