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Round the Worlds tend to be in "L" class (both Oneworld Explorer and Global Explorer are). Not lowest of the low, but it presents a few difficulties.
If you're thinking of going for the American Airlines AAdvantage frequent flyer scheme, "L" class flights on QF earn only 0.5 program miles per actual mile flown. That's the bad news. The good news is that SYD-LAX flights on QF are also AA codeshares, and if you book on the AA flight number you earn 1 program mile for each actual mile.
Then there is the problem of crossing the Atlantic. If you insist on using BA then you need to go up to Canada before crossing the Atlantic if you want to earn AA miles. That's because, as Lindsay Wilson pointed out, USA to UK flights on BA do not accrue points in AA.
If you do go up to Canada, the L class ticket on BA will only earn (if I recall correctly - don't sue me) 0.25 program miles per mile flown. Might be worth crossing the pond on AA.
SYD-LAX-New York is very, very close to 10,000 miles, which in the right booking classes is enough to give you AA Platinum via the Platinum Challenge. Bad news again - one milage tool I have puts it at 9973 miles! You'll need to check what AA calculates the mileage to be. If it is just short, consider a quick return flight in Oz before you go, or route LAX-somewhere else-New York. AA give a minimum of 500 miles per sector.
If you can get Platinum by New York, you will have Oneworld lounge access for the rest of the trip, as long as the flights have posted to your account. Convincing non-AA airlines might be a problem, but we can tackle that when and if it becomes a problem (e.g. you can get AA to send you a letter on AA letterhead confirming your status prior to your magic card arriving).
Good news: 20,000 AA miles gives you an award flight between any two cities in Oz/New Zealand (AA treat us as one country). 35,000 in Business.
That's probably enough info for a start.
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