@Earl3d: what do you mean by normal rest queries? And yes, exposing an IQueryable and adding the [Queryable] attribute to your action gives you lot of OData querying goodness. You don't need an EDM model just for exposing querying.
@scyonyx: right now, we support only EDM model's built through the ODataModelBuilder. We have plans to support other EDM models like the one from DbContext for vNext.