Of course, the biggest problem with doing the Odyssey with Homer as the lead is that Odysseus is meant to be clever. Homer, therefore, is much cleverer and, indeed, braver than usual in this incarnation. It works though, and the episode contains what is possibly my favourite explanation so far for the whole horse business (Flanders!Priam collects giant wooden animals, but doesn't have a horse).
There were a couple of elements of the story here that don't get an airing as often as others - the Sirens, for example, are physically unattractive; only the song is appealing. I may never recover from that image of Patty and Selma trying to seduce people! (They're still after sex, not shipwrecks). We also see Circe turning Lenny, Karl and Moe into pigs - and, inevitably, Homer eats them. Lenny cries that he wants his eyes gouged out at one point as well, which may be a reference to Oedipus. Indeed, when Homer gets to Hamlet and tells Bart it starts with the murder of Hamlet's father, Bart asks if he gets to marry his mother, in reference to Freud's argument that Hamlet, along with Oedipus Rex, is an example of the Oedipus complex in literary form. I think Marge should worry about how enthusiastic Bart was about that. (Karl and Lenny as Rosencrantz and Guildenstern is perfect, by the way).
This being a Trojan war story, of course, we have the obligatory jokes about just how long the war lasted. Homer!Odysseus' physical changes are predictable, but Helen of Troy now looking like Skinner's mother is pretty funny, and I liked the overflowing mailbox gag at Troy at the beginning. We also get the usual representation of Hades as the Christian hell, with added River Styx and dancing skeletons that may or may not be an homage to Harryhausen's skeletons in Jason and the Argonauts.
This section also included some really funny one-liners:
Flanders!Priam: Now throughout history when people get wood, they'll think of Trojans!
Hoemr!Odysseus: Sacrificing animals is barbaric! Now have the slaves kill the wounded.
Barney!Dionysus: You used to be fun! Where's the Zeus that used to turn into a cow and pick up chicks?
Mayor Quimby!Zeus: He grew up!
All in all, I thought this was a particularly successful Simpsons literary adaptation - though perhaps nothing will ever quite beat the combination of James Earl Jones reading 'Nevermore' with Bart chirping up 'Eat my shorts!'