The following is a somewhat detailed itinerary of my trip around the world that started in Morgantown, West Virginia, USA, on 18 Feb 1997, and ended in the same town on 01 Aug 1997.
AMTRAK All Aboard America Pass. Promotional pass for (at the time) US$318.00 (including tax) that allowed one-way travel with 4 stops within the 4 zones designated in their brochure.
Round-TheWorld Fare. Special ticket offered (at the time) by Singapore Airlines for US$2566.00 (plus tax) that allowed up to 25,000 miles of travel on any flights offered by Singapore, Delta and SwissAir, restricted to one hemisphere. Other restrictions applied. This was a great deal since Singapore and SwissAir have very comfortable flights, even in economy class.
Eurail Flexipass. Pass for (at the time) US$894.00 (purchased on the spot, in Switzerland, not necessarily the best way to buy it) allowing first-class travel on 15 travel days within 2 months.
For travellers who are over 25 years of age, this is not such a good deal, but is practically your only deal. The reason why I find it to be less interesting is that you may only obtain the first-class pass. Though it eliminates some hassle of obtaining tickets, you must have a reservation for many popular train lines in Europe; in those cases, you still must wait in the lines at the station.
Furthermore, it is a mistake to think that having a first-class ticket will always increase your chances of getting a seat or reservation on busy trains or night trains. First of all, many night trains have few if any first-class cars. Secondly, when you must have one, first-class reservations usually cost more than second-class reservations, so you end up going by second class to save money on the reservation, not making use of your pass to the fullest extent.
The alternative to buying a pass like this is simply to buy the tickets as you go. The price difference including reservations may not be that different. Many countries offer special one-day passes that sell out fast, but are excellent deals. Also, the cost of rail travel varies greatly from country to country. Portugal is much cheaper than Sweden or Switzerland, for example. It all depends on where you'll be going. The logic in my decision was that I knew how much 15 days of travel would cost (minus the reservations), and was prepared to go with a semi-fixed price.