re: "oneworld" award (140K/280K/420K) Planning - The Definitive Thread
I cannot take full credit for this creativity: Gold Member, in his posts on http://www.australianfrequentflyer.com.au/community/qantas-frequent-flyer-program/qff-points-price-and-value-46109.html mentioned a similar construction.
The advantage is that you can break the award up in multiple trips spread over a year, the disadvantage is that you "waste" two of the five allowed stops on being at home.