This review is not a review of the story of Odysseus, but rather a review of Robert Fagles's translation of the Odyssey. Fagles's work in this translation is sparkling. I absolutely love the way he's revived this classic tale.
Let me begin with nuts and bolts. The Penguin Classics version of Fagles's translation is simply a great book to hold in your hand. The book FEELS good. Also, the book has some extras that make it essential. First, Barnard Knox has written an excellent introduction to the text. He explains Homer's cultural and literary context, and he covers the various debates regarding the poem's creation and transmission in a thorough, non-technical manner. Highly recommended reading. Second, the book has some helpful maps of the Greek-speaking lands to help orient the reader. Third, in the back of the book is a pronunciation guide and glossary. Some of these names are a bit strange, so it's helpful to refer to the back sometimes to get some help. Every character and place in the book, no matter how minor, is explained in the back.
In addition to all these benefits, this translation of the text is my absolute favorite. Fagles has produced a verse translation, which preserves the poetic nature of the original. If you're looking for a prose version of Homer, then this book might not be for you (but I'd suggest you give the verse a try). Fagles's main competition for a verse version of the Odyssey is Richard Lattimore's which was published in the 1960s. Some people feel that Lattimore's version is still superior, but I think those people are just being snobby. Lattimore's version is a little more rigid, maybe a little closer to the Greek, but not as poetic and enjoyable.
One of my favorite things about Fagles over Lattimore is that Fagles has abandoned the pretentious adherence to Greek spellings. In Lattimore we read about Athene, Kalypso, Aithiopians, Kronos, and Ithaka, while in Fagles we read about Athena, Calypso, Ethiopians, Cronus, and Ithaca. It's an Enlish translation so translating the names into their traditional English forms makes for a superior reading experience. Also, Fagles has a better ear for English poetry. So he refers to Odysseus as "the man of twists and turns," while Lattimore calls him "the man of many ways." Lattimore is more literal, but he doesn't capture the essence of the Greek meaning or poetic nature as well as Fagles does. One more example from the first page, Lattimore says that those who made it home from the Trojan War "escaped the sea and the fighting." Compare this with Fagles's far more literary "escaped the wars and waves."
Buy this Fagles translation. Read this Falges translation. Love this Fagles translation.