Dont know if I remember this story correctly:
Bobby Fischer once claimed he could beat any female player with Knight odds. Somebody (Tal?) commented: Ficher is Fischer, but a horse is a horse....
Agree. When this statement was made, it was probably true.
Probably not. I doubt that he could beat Nona Gaprindashvili or Maia Chiburdanidze with Knights odds.
I've seen a strong candidate master play against Rybka with knight odds. He won convincingly.
As to the question: I have beaten some 2700+ players in blitz, but have never played any rated games against them. A match without any odds would have been fun and very instructive...Hmm, why not do it?!