Loki knows pain. He's dealt with much worse than Odin, that sentimental fool. He knows that whatever his punishment will be, he will bear it with ease. But, to Loki's growing horror, Odin can be very creative when it comes to discipline.
But being stripped of most of his magic, forced under an obedience spell, reaved of his lies and sent to live with the Avengers is cruel, even for Odin.
But Loki will survive.
(It isn't like he has much choice, anyways.)