From what I put together this morning, not only will the odex create (allow) more space in data because of no need for dalvik, it is a ton faster because of the lack of compression for the odex files, since the classes.dex are no longer in the apk itself. So you get speed and performance.
Edit: that didn't really answer your question...hehe
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Interesting, so are you saying from your research this morning, you have found that Dalvik-Cache is something that arises out of using de-odexed ROMs, and not something that would exist in an odex version of the same ROM? I could see this I guess, since once we rooted our phones and started playing with flashable roms, they were all de-odexed and hense I got used to seeing dalvik-cache on all of them.