I just wanted to retierate that the OP really has not anything wrong here and I, at least, do not think his intent was to pull one over on AA. That said, I really hope no one else tries to do a similar thing. We all seem to agree that the consequences would be a major devaluation in the utlity of these awards.
As for flying around the world in F. I've done it twice (on paid AONE5 fares) and it is great, but, IMHO, you are missing out big time if you don't take the time to stop and look around. For all its problems, we share a pretty amazing planet.