oneworld award is definitely the way to go. In fact, with the proper routing, you can do a round-the-world trip for 130k miles all in business class.

I'm flying LAX-JFK-YYZ-LHR-BRU, AMS-NRT-ICN-NRT-LAX whose total distance comes to 19447 miles.

LAX-JFK is AA 767-200. Old J seats, but still ok
JFK-YYZ is on LA 767-300. Short flight, but still better than flying an AE RJ
YYZ-LHR is on BA 747-400 (top deck ^)
LHR-BRU is on a BA A319
Taking Thalys between Brussels and Amsterdam
AMS-NRT is on JL 777-200ER
connecting to NRT-ICN JL 767
ICN-NRT JL 777-300 3-class plane but sold as 2-class, EXP=OW Emerald status let me book the F seat on JL's website ^
NRT-SFO JL 777-300ER with JL's new Shell Flat Neo seats
SFO-LAX AA MD-83

Total cost was 130k miles and $200 in taxes. Sweet


And to top it off, I also included a oneworld Visit Japan pass during my stay in Japan, so I'll be also flying HND-KOJ, NGS-HND-KMQ-HND as well. Even though I bought the Visit Japan Pass during the 10% OW promo, the crappy JPY/USD rate at the time still cost me a total of $400, but it's still a nice deal considering how expensive intra-Japan fares are. So for only $600, I will get to:

Eat a hotdog at Nathan's
Visit Niagara Falls in Ontario, Canada
Buy stuff at Harrods
Eat some nice Belgian chocolates
Visit the red-light district in Amsterdam for <cough cough>
Visit the DMZ in S. Korea and take a peek into one of the secluded countries of the world run by a madman with a funky hairdo
Buy the latest video game console in the Akihabara district of Tokyo
See the scenic volcano Sakurajima
Visit Nagasaki and see the Dutch influence there (and hey, I just went to Amsterdam ^)
Fulfill one of my dreams to visit the UNESCO Heritage Site of Shirakawa-go
Ride on the cable-cars of San Francisco
And back to the boring life staring at the PC all day



Other words of advice:

All-American and Partner Awards for North America to Europe is a good deal if you know how to use it your advantage. It costs the same amount of miles to if you're flying JFK-LHR ( snore) or LAX-YVR-LHR-ATH. Gee, I can use 40k miles roundtrip just to fly from New York to London, or...

I can use the same 40k miles to fly from Los Angeles with a stopover in Vancouver using Alaska Airlines (1 stopover in NA allowed) and visit Granville Island and ski at Whistler, fly to London and connect using British Airways to one of the farthest places listed under Europe and go see the Parthenon at Athens, Greece and maybe even go to one of the Greek islands!