Odom 03-04 with Miami - 17.1 ppg, 9.7 rpg, 4.1 apg (80 games), went to 2nd round of playoffs and pushed Indiana to 6 games.
Odom 04-05 with LA - 15.2 ppg, 10.2 rpg, 3.7 apg (64 games), missed playoffs.
Which player would you rather have?
Odom's probably the same player now that he was before, though missing a big chunk of the season doesn't help his trade value. So either playing with Dwyane Wade inflated Odom's stock (entirely possible), or Kobe decreased it. Either way, in both situations, Odom was the #2 option on a team that also featured Caron Butler and not a heck of a lot else. Either way, his value is less now than it was at this time last year.
Put it another way: who would you rather have as a teammate, Wade or Bryant? If you said Bryant, please schedule a psychiatric evaluation immediately. Wade makes the guys around him better. Bryant does not. That's not necessarily a knock on Bryant: he's a phenomenal basketball player. But he doesn't make his teammates better. As People's Exhibit 1, we present the 2004 NBA Finals. That can be overcome with time and experience; Michael Jordan didn't make his teammates better for a long time.