I hated the Odyssey at first. If you think of it as a 45 CR deployment ship, it kind of is disappointing, yes. To me it feels like a 40 CR ship. Despite that, I've had good success using it. First and foremost, however, its a broadside ship and should be set up like one. Once you set it up as a broadside ship, it works pretty well.
As per the screenshot: 2x Autopulse, 2x Typhoon Reaper Launchers (Or Sabot SRM Pods), 1 Guardian PD System (had no idea what else to put here), 1 Pilum LRM Launcher (again, no idea what else to put here), 7x IR Pulse Lasers, 5x Burst PD Lasers, 2x Warthogs OR 2x Claw Fighter Wings. Mods: ITU, Expanded Mags.
Warthogs will help utterly annihilate whatever you're broadsiding once the shields drop. Claws will help catch and disable annoying frigates so you can blow them away. Both of these have worked really well in conjunction with this ship and I am not sure which I like better. They both have their merits.
I've been able to destroy Onslaughts, Paragons, and other ships using this thing. Though frankly that might not be saying much. The player already has a distinct advantage against the AI if they know how to exploit mechanics.
I've also seriously been considering just dropping the Pilum Launcher all together, sacrificing some Capacitors (or going back to the cheaper Claws) and putting in an Unstable Injector.
I still think this ship should only cost 40 CR to deploy under its current specs all the same.