Both my daughter and I have read this book. It is an interesting book. One that is required for most 9th and 10th grade AP English students. It seems to follow along the lines of Troy the movie in some senses.
I had heard of The Odyssey before and tried to read it on my own, but it wasn't until it was assigned in my World Lit class that I feel in love with it. It's full of adventure, vengeful gods, lusting goddesses, disguise, and mystery. I don't understand why few have really taken the time to read Homer's works.
I really liked this translation in particular, Robert Fitzgerald did an amazing job of making this ancient text easier to digest and analyze.
I highly recommend reading The Odyssey, whether you are an English major or not.