Well, it depends on how you define "Earth." Does it mean the whole planet, (including the core, crust, magma, etc.) or just the planet as we know it? It includes "heavens" in there as well, which is another interesting thing to consider (what does "heavens" refer to? Just the sky? The atmosphere? Or Heaven itself?).
And the whole point of that passage is that we are supposed to rest on the Sabbath or 7th day, and devote that time to God (again, man's relationship with God). I feel the scientific analysis, while certainly interesting, misses the point.
Personally, I simply go back to Genesis 1: 1 and 2, especially verse 2.
Obviously there are many interpretations, but "heaven" is understood to be our atmosphere, while "heavens" is understood to be the 3 heavens. (2nd heaven: outer space, 3rd heaven: what we think of when we talk about "going to heaven").