In the book (in the italian translation) Odium explicitly says "i can see those memory" so i think that is what he can do, but then Hoid lose his perfect pitch so it seems that Odium toke Hoid's breaths in the act of "reading", but i don't think he can modify memories, since he had to make the same conversation again, BUT have the second conversation really took place or is a fake memory created by Odium? I don't think we can understand what really happened because we have Hoid's viewpoint and that is compromised. I really hope everythink is explained in the next book
that is interessing. Odium says something about the "agreements" ha made with Honor before messing with Hodid's memory, maybe is because he is interfering with an Investiture that is not from the Roshar sistem?
i think that he belived to be safe because he knew Rayse and could predict how he behave. Obiousvly he did't see Taravangian coming. In facts he just thinks " this went exaclty how i thinked, BUT that last part" (or somethink like that) just before Odium's attack.
also, Hoid took really good care not to be found by Odium, so he IS afraid to confront him, so why confront Odium at that point? What have Hoid to gain to make him take that risk?