Even though I love 3E and 3.5, I still think about running a game of OD&D.
OD&D is a valuable, fun game in and by itself. Not just for seasoned gamers, but for new ones too, including children. The Basic Set of WotC has this huge flaw of being built around the idea that you will progress by buying the core books and more D&D miniatures sooner or later. The end result is a game with limited horizons. A kind of very short-lived introduction to the game.
OD&D doesn't have this flaw. It can still provide hundreds of hours of adventure on its own (the red box, or even white box if you like to make the system your own, as it needs to be adapted to your needs first before being fully playable). If you're lucky enough to get your hand on a Rules Cyclopedia, you won't need anything else... ever. Everything you might one day need is in there.