ASP.NET 4.5 WebAPI will support both oData and oAuth out of the box. If you are starting a new project, I would recommend exploring it.
Most likely, the latest information that the beta version of ASP.NET WebAPI is already supported, and oAuth will ship with RTM.
Based on past experience with ASP.NET versions, having RTM is not too long.
You can read about ASP.NET WebAPI (also see comments): http://weblogs.asp.net/scottgu/archive/2012/02/23/asp-net-web-api-part-1.aspx
ntziolis
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