OK, so the pros and cons, just to put it on 'paper', of the following are:

A) RTW ticket:
On this you select flights to/from several countries you want to visit, you pay before you go and can change dates. The ticket must be used 12 months from 1st departure flight.

Good quality/ value companies I would recommend are:

1. www.travel-nation.co.uk (as good as below travelbag and cheaper!)
2. www.travelbag.co.uk (v well-travelled and so well-informed staff slightly higher prices)
3. www.roundtheworldflights.com (good basic sort of co)

Pros -
1. Great cos you know how much money you have left to play about with while away
2. Fairly good value
3. Have proof of onward travel when entering other countries
4. You feel like it's all organised and you only have to waoory about what you gonna do when you get there.

Cons -
1. If decide that don't want to go/ can't go to one or two of the destinations, you can't get refund; you have to take the flights
2. If you want to be away for more than a year, you can't as it's only valid for 12 months
3. Miss out on spur-of-the-momentism

B.)Only buy outward ticket, buy others on the way during travelling: Say you arrive in Thailand, and are bowled over by the charm of Laos, but need proof of your onward journey - simple, just buy a refundable flight while in Thailand, from Laos to wherever!

Pros -
1. Absolute FREEDOM!!! So you don't pass up any opportunity cos you gotta catch that flight you bought earlier! And the things that are waiting to discover you, you're likely to experience, cos you haven't planned too much!

Cons -
1. May be a bit more expensive way to do it than RTW, though i've heard it can be cheaper to buy flights once you're there - as local travel agents know the best deals in their area better than a UK one. ( You always have back up of credit card, which can be repaid once back in the job market. This also assumes you want to return to the commercial 'survival of the fitest' frenzy...)
2. More open to scams perhaps???!

I want to choose (B.), though as I have little debt (except student loan), the credit cards were for emergency use where debit cards wouldn't work, and could be paid off from my back up funds, but if back-up funds are exhausted, cos I bought flights etc, then I can't pay off the credit cards, damn, damn, damn....

Aaaaah (Brainwave!!) Mr. Manager HSBC likes me, he speaks French and has helped me out in much more impoverished studenty times, aaah!!! Yesss, a visit to the bank is due, for a look at the old overdraft facility... still has to be paid back though... but no time constraint.... hmmm.