I recently had the misfortune to have to tackle oData to talk to Dynamics CRM. The choice was between that and SOAP so it was the lesser of two evils.
But compared to the other nice, modern REST API's I'm used it smelt of mould and enterprisey cobwebs. I'd have preferred an old school RPC API over that. At least API's that abuse REST from that direction tend to have the virtue of simplicity.