i think the prices are roughly the same, use itn.com and fewmiles' to compare.
(two 1-way tkts might be cheaper than 1 RT, btw)
note also you need a 1-way tkt from NRT-PEK or HKG-PEK (because OW does not serve PEK from the pacific side) -- i had assumed you are going to PEK, if going to the pearl delta you can enter from HKG by land

1. you spend about 2 more hour in the air if taking the most direct RTW: bos-ord-nrt-pek-lhr-bos. but if you choose the right tail-wind, the total time is about the same. pek-hel-bos is probably shorter but not sure if AY serves BOS
2. you need to spend 10 days outside NA if using OWE (Global explorer different?)
3. you get more miles with RTW, can insert asia/europe side trip/run
4. you can have a number of free RT in F back in NA if using OWE (i think this is the biggest plus)
e.g. bos-lax-hkg//pek-lhr-hartford(home)hartford-dfw-anc-dfw-bos (i chose hartford becasue once you pass the origin bos you OWE ends)

check the schedule first to see which is more convenient.

OW schedule available at aa.com and cx.com

there was a similar discussion before, which you can search the archive for

[This message has been edited by pegasus8228 (edited 10-23-2002).]