We spent 4 nights here in July 08 and had a lovely time.
Odenthal's B&B is really conveniently situated, only a 3 min walk to Banff Ave (central st with shops, bars and restaurants). The B&B itself is on a very quiet street, only a 30 second stroll to Bow River, which is lovely. Freda is a wonderful host, very helpful and full of great stories about bears & wildlife in the surrounding areas.
Breakfast is fantastic, great home-baking, fresh fruit, cold meats, eggs, bread, cereals and yoghurt. The bedrooms are basic, but very clean & spacious. Although the bathroom is shared, we didn't find this a problem as it is only shared with one other room. The house is a heritage home and full of period charm. There is also a room full of maps, books & guides with a fridge and tea & coffee facilities.
Banff town is really pretty, but a little expensive to eat/drink out, all bars seem to charge the same prices for beer & food. Lots of great attractions & hikes locally, just ask Freda and she will point you in the right direction!