Here's my experience, for what it's worth:
We bought the base model Honda Odyssey last summer, and really like it. We only have 2 kids, so we don't NEED a minivan or SUV, but wanted it for a few reasons. We wanted a larger vehicle for traveling. We wanted something that would comfortably seat the grandparents if they were with us, and space for "extra" kids for car-pooling purposes.
My parents owned Suburbans for years, and replaced their 2007 Suburban with a new Traverse shortly before we bought our Odyssey. In all honesty, I would much rather ride in the 3rd row of the Odyssey or Traverse rather than the Suburban. I know that seems crazy, but I felt the Suburban had the least room of the 3 for leg space in that 3rd row. Also, when we would ride with my parents, I found it very difficult to get my kids in and out of the 3rd row of the Suburban. They were both in carseats at the time, and it was a total pain. I find the 3rd row of the Odyssey and Traverse much more accessible.
After my parents bought their Traverse last spring... we did consider buying one ourselves. Ultimately... for us the Odyssey won out due to the better Cargo space, and lower cost.