It provides a very rich query API on top of basic http, and as you can see works naturally with REST services. I'm not aware of how other frameworks provide OData support, but some quick googling reveals that most web frameworks have odata libraries available.
It's an incredibly bad idea to allow SQL directly, for obvious reasons (would require executing user provided SQL among other things.)
I believe that having a single REST api that serves multiple front-ends (web, mobile, thick client etc) is the future as it removes the need to maintain an entirely different codebase just for a web interface. Indeed, many major websites have moved to this model.