On oneWorld at least, the ten-day minimum trip duration (actually slightly more because of how they figure it) keeps most business travelers from using RTW fares.

Other than that, and perhaps other issues that are specific to your situation, it works.

The danger is that, once you decide to go the RTW route, you'll start thinking "I can get more miles by adding this segment here, or that one there, for the same fare..." That way lies insanity. To confirm this, just check any of the alliance fora.

(FWIW, I expect to do an RTW this summer, and am already suffering wasted-miles anxiety.)