>>31475139Odd HP means you can switch into SR up to 4 times and have 1 HP left over. Even means you would be KOed on the 4th switch in.
Your HP value also does other things. For example, LO users should always have an odd value so they can attack up to 10 times and have 1 HP left over. Lefties/Black Sludge users like to have their HP divisible by 16 or 8 to maximize healing. Dugtrio likes to run something like 21 IVs in HP (correct me if I'm wrong) so that at level 100, 2 Seismic Tosses from Chansey put it at 1 HP for a full power Reversal
Obviously don't set p on things that can one shot you. If you switch your Salamence in on a Weavile or a Scarfed Lele or something then you deserve to lose