I've done two technical RTW trips, but never used the RTW fare... the first was AUS-IAH-FRA (LH) stopover in FRA, we drove down to Rome, saw the sites along the way, then FRA-SIN (LH)-MLE (SQ) which was our main destination, then ML-SIN(SQ, spent about 13 hours in SIN touring the city)-ICN (OZ where we again spent the day)-LAX-AUS. So RTW going east, and all for a RT fare, first on LH, coat on SQ, business on OZ, domestic legs were CO first.
The second RTW trip was AUS-LAX-BKK (TG) - SIN where we overnighted and had a day, then on to MLE on SQ which again was our destination - JNB which was our stopover, we booked a cheap rev RT ticket on SAA to cape town and spent a week there, then JNB-JFK on SAA, open jaw with a day in Manhattan, then EWR-AUS. This trip was Business on SAA and SQ, first on CO-UA domestic, again all for a RT fare.
You can squeeze in a day at a connection city, anything less than 12 hours is a connection, and they will usually let you have longer if the next available flight is booked (which has happened, giving us a day and an overnight in a "connection" city). This also may not work too well if you don't sleep well on planes, because if you have a day in one city, then an 8 hour flight, then a day in another city, you really need to feel rested, haha.
We just booked an upcoming trip for next Feb which is AUS-IAH-FRA (LH Business on the A380) with about 11 hours in FRA, then FRA-MUC-DXB on LH in business, the main ticket is open jaw, after we arrive DXB the next flight is SYD-ICN on OZ business, overnight and a day in ICN, then ICN-SFO-AUS, OZ and UA business. We booked a second one way award ticket for DXB-DOH-SYD on Qatar in business, the total mileage per ticket was still less than 200K.
So you can do RTW for less than a RTW award fare, but you have to be flexible, and not want to stay in 5 destinations for a week each... if that is the case, as others have said, RTW is your best bet. I have always used the Continental now UA website to do one way reward availability searches for the legs I want, then call the elite desk and let them know what legs on what airlines I want, and they are usually able to help me out...