Per mile cost, as number_6 pointed out, is better on the xONEx fares. But to answer your question straight away, Yes the Circle Pacific Fares are cheaper than xONEx. Case in point:

I am taking a trip to Asia and Australia next February and was originally considering an AONE4 fare going NA-Asia-SWP-EU-NA. An AONEX would have run $10,400 plus taxes and a lot of fuel surcharges. The ACIR26 ran $8400 plus taxes and a lot of fuel surcharges. Since Europe was only going to be used as a connection back to the US as I had no desire to visit anywhere in Europe in February, nor did the time I have allotted allow it. Now your travel plans must fit well for the Circle Pacific as there is the limit of 2 free stopovers per region and both SWP and Asia regions must have at least 1 stopover of 24+ hours. Since my travel plans just happened to included 2 stopovers in Asia and 2 in OZ it worked out perfectly with a Circle Pacific. I added a weekend in SFO on the way back just for good measure.

Now if you have the time, the xONEx is going to be a much better deal as it will get you more places, more stopovers, and more miles. And for the OP a xONEx will probably be better due to the desired number of stopovers.

I know, I know, many of you will admonish me by saying that I am not a true FTer since I am not maximizing my miles by neglecting to turn my February trip into a mileage run. Please forgive me.