The Odyssey parallels are there, although the Coen brothers didn't make them obvious. Sometimes they are notable by their opposites in the film--e.e.g., Homer's Ulysses has one son; Coens' has seven daughters; Homer's has a wife Penelope waiting for him faithfully; Coens' can't wait to get rid of him and marry a suitor.

In addition to the Cyclops and the Sirens, there are the episodes of the slaying of the cattle of the sun; the putting out of the Cyclops's eye with the burning stick; the lotus-eaters who lull the men of Ulysses into wanting to stay; Circe turning men into animals; the releasing of the stormwinds when Ulysses is in sight of home; the minstrel who charms with his music; the fist fight with the suitor; the death of the hound dog; the relentless pursuit of Ulysses by an angry god. All of these have their parallels in the movie.

I've only seen it once, but I plan to get the video when it comes out. Anyone see other things I missed?