can you advise what is the best value and most effective airline/program to use points for an "around the world first class award"

I think it would be helpful to know what countries you would like to visit in your RTW. Do you have some ideas / aspirations, or are you wide open?

If you only have limited stops (3 I think?), I think the general consensus is that Air Canada is the best deal.

Star alliance originating from Japan.. good price now

I love the AA Oneworld ticket. You can fly under 20k miles for only 100,000 AA miles in Y, or 180,000 in F. Last year we flew to London, Isreal, Jordan, Spain, Moroco, Italy, France and New York, 180K in F.
I now have a trip planned, although not around the world, we travel 24,900 miles almost all in First for 230k AA miles. We are going on AA SAN-LAX-NRT F, JAL NRT-ITM, CX KIX-HGK-MNL-HKG-AKL in F, LAN AKL-SYD in C, Quantas SYD-Tazmania C, Tazmania-MEL in C, then MEL-LAX Quantas A380 in First, then AA SAN-LAX Y. 230k miles and $180 in Taxes. Plus we'll get to try some great F products and Lounges.

Being new to this... This is per traveller, correct?

Yes

Did you book it already? Availibility was OK?

Interesting idea. What are some of the general restrictions on a RTW ticket? Do they limit the number of flights? Or it is based on duration? Or I think someone mentioned it was based on miles?

My parents are aging and I want to see if I can get them a RTW ticket. I've got about 300k of United miles currently.

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Does CX offer HKG-AKL in F?

Yes, even non-stop service.

My wife and I would also like to go around the world on Business or 1st class award tickets. Were flexible we can start out close to home, GRB, MKE, or ORD. We can also start from East or West coast. We are open for new places to see. Asia, Europe and S. America, maybe Africa (have spent time in Thailand and China but loved it). Would like to spend at least 3+ days in every stop. Can take 4+ weeks Jan-March. We have over 750k Delta miles and 110k CO. Problem how to start and schedule everything? Also were both Gold with Delta and have Sky Club membership if that helps.

It completely depends on the program from which the miles are redeemed; they all have different rules.

CO probably has the best priced true RTW F award (6 stops, no mileage limit, 16 coupons) at 280K points but that is going up to 350K on June 15. A 20K mile distance RTW definitely doesn't let you cross the equator and unless you mostly stay in Asia and Europe you don't really get too much action. Adding Africa or the Middle East will be pushing the limits, especially given limited flight routing options.

Some airlines RTW awards are based on flight miles and some are based on destination cities. The 300K UA points you have doesn't even get you two Y RTW awards in their program. You might be better off booking a few one way awards and buying connecting segments in between.

If we have to buy some tickets that's not a problem. That's what I would do if we started at the East or West Coasts.