I've been out of touch with rtw consolidator fares and the like since the day I took my first first-class ride on Singapore. Even without beds, they made it pretty much impossible to get me back to the rear of the bus without leaving a lot of claw and heel marks along the way.

But I believe the OP has a valid point. Back when I haunted the consolidator ads, I was aware that doing the same thing solely on respectable carriers would increase the cost by 50% or more. But I didn't mind the likes of Air India and nearly-bankrupt Pan Am too much, and at least in those days consolidator tickets were almost as flexible as OWE's, albeit without significant cross-carrier endorsement rights. At least they were good for a year, and changing travel dates invoked no penalty.

So if thrifty travel is the highest nail, OWE's probably don't come close to winning, especially if it's measured per trip instead of per mile.

But move up the food chain a bit and the picture changes. If very-comfortable travel (i.e. business class or better) is a requirement, there's no contest. Biz consolidator fares used to be very hard to find, and methinks there's a much bigger difference between Cathay biz and say AI biz than between their coach products. Depends on how you value the various elements of the experience, of course.

And even in coach, you can make the case that OWE is the greater bargain by using the ticket to its fullest. Segment-limited fares can go a long way, pun probably intended. I'm not sure what the record mileage for a 20-segment ticket is (imo pure MR's should be excluded and the perpetrator forced to wear a funny hat, but that's just me) but, spread out over the allowed year, it makes for a lot of happy travel. With, as noted above, a lot of freedom regarding schedule.

Bottom line, though: plan out the trip you really want to take, specify the cabin comfort and schedule flexibility you want to buy, and go price shopping.