I tried this once before and it failed at the very end of the installation, but I think the problem before was that the OS installation wasn't very clean (it was a system I'd been testing a lot of different things with).
Put a fresh copy of Ubuntu 14.04 (with LXDE) on and installed the raspberry pi package directly and it seems to be working just fine.
Alongside it I've also installed the Ubiquiti Unifi Controller (our main reason for using ODroid PCs) to check that the two can run concurrently without issues.
Details:
ODroid C1+ rev 0.4
16GB C10 Transcend Micro SD
Ubuntu 14.04 (available from odroid.com / odroid.in)