Open-ended RTW trip

Over a year your budget works out about $70 per day. Overall I would say this to travel over a year is going to be a little tight based on the countries you are visiting (Denmark, Norway, Oz, Nz, USA, Russia are all expensive destinations) and potential things you want to include (e.g. Galapagos flights and entrance fees could cost a couple of hundred $s). Obviously you can save a bit in some of the cheaper destinations, I'm just not sure if it is going to balance out. Of course your budget should at least get you to Sochi, so you can just just plan on getting there and then once there consider your budget, where you want to go and how much longer you can travel for.

Based on your interests I would suggest Myanmar over Philippines for Bagan alone. Getting to Myanmar is not the easiest, you will have to fly in and out via Kuala Lumpur or Bangkok (plus pick up your visa at either city). Maybe it makes sense for you to fly in from Kuala Lumpur and out to Bangkok. 1.5 months does not seem like very much time for this section, but Im guessing as you have travelled through there before you are just visiting one or 2 highlights or places you missed last time?

Ethiopia visa is only possible to get in your home country as far as I'm aware.

It'll be interesting, to see how much of the same gear you have, when you get home. Thats a lot to hassle.

Furnishes the diversion for a theif.

U$70 a day sounds fine to me. It means tightening your belt a little in some places, but for others it will be more than enough - swings and roundabouts.
The only part of your itinerary that doesn't pan out is
North Africa: Egypt, then overland to Tunisia and maybe Morocco. Would be really interested in WWII history there, e.g. Tobruq
It's not currently possible to go beyond Algeria to Morocco as they closed off all frontiers years ago. They keep 'threatening' to open them again, but have been saying that for years with no movement from either side.
So the only feasible possibility is a flight from Tunis - either to a city in Morocco or to Spain, then by Easyjet or similar to Morocco. (Don't, on any account fly Ryanair!!!!)

I believe you can get a visa for Ethiopia in Khartoum (Sudan). And the best place to get a visa for Sudan is Aswan in Egypt. You have to take the ferry in Aswan to Sudan. It leaves once a week in either direction and you can't buy your ticket until you have your visa. As Aswan has now become one big hassle town,
I suggest you head for Aswan rather than Luxor, get your visa from the consulate there, then ferry ticket, then head back to Luxor for a few days. It will probably work out cheaper than spending the time in Aswan.
HOWEVER - this advice presupposes you're not American. Do check beforehand what the situation is for USAnians regarding visas if you are. It can change from time to time.
I'm also not sure about how the new republic of South Sudan might affect your trip. And DO try to go in winter if possible - summer in Sudan is a killer! Though Ethiopia enjoys a mild climate all year.

Thanks for the replies and recommendations, everyone. I'm hoping to have the budget to at least get to India/Central Asia, and from there I'll just need to prioritize what I want to do for the rest of the trip. That's the nice thing about having no time limits. I may be spending less time in Oz & NZ, though that also depends on when I'm able to visit my friends, since they apparently have lives and jobs. What a concept...

At this point it's way too far in advance to get most of the visas I need, although I'm working on the Russian visa right now (as a US citizen I can get the 3-year visa). However, from my understanding, I can get a Visa on Arrival if I fly into Ethiopia (I'm an American). I've heard before that the Sudan visa is a huge hassle. I'm hoping I can get it in Ethiopia since I plan to be there for at least 1 month. I'll most likely be going from northern Ethiopia into Sudan, not going through South Sudan. From Tunis to Morocco I believe there are also ferries, which would be pretty cool, but honestly I'm far more interested in Tunisia than Morocco. Thanks for the advice on seasons... I'm hoping to travel as much in winter as possible.

Don't, on any account fly Ryanair!!!!

Even if they are vastly cheaper than any other option?

I have flown with them loads of times, they're not that bad.........

It's ok on the plane, I'll grant you that. Though I flew home with easyjet and was amazed at the difference.
But they (Ruinair) messed me around by changing my booked and confirmed flight TWICE - the first time by 12 hours, involving me in a walk across an unknown city after midnight and extra bed cost.

Also, and more importantly for the OP, if your plane arrives late and/or you miss your connection due to a Ryanair change of time yo have no comeback. You can choose another Ruinair flight (if there's one available) or get your money back, sure, but it might not be at all convenient. And booking another airline at a later date will cost you more.

As for cheaper than any other option - suggest the OP listens to - [http://www.youtube.com/watch?v=qHcim_KNZYw]

Ok - some people fly more than once with them. But be aware of the limitations.

Also be aware that you may not carry on more than 10 kg in your cabin bag - and you may only have ONE cabin bag.
People have said their baggage scales are rigged - so you need to be under that 10 kg limit.

If your'e found by them to be over, then you have to pay to put your bag in the hold. And since you haven't done this online they will charge you a minimum of 60 euros.
I got around the one bag rule by wearing a jacket with several big pockets, into which I stuffed my computer notebook, etc. So my bag only weighed 8.5kg and they couldn't do the dirty on me there.
I flew home by Easyjet. It cost only a few euros more and was a great, hassle-free flight.

But have a great trip, whatever...

Go_2, sorry to hear you had such a bad experience with Ryanair. I'm trying to do everything overland, so if there's a ferry that would be my first choice, but I'm not ruling out flying with Ryanair. Flexible itinerary, no checked baggage, and no connections sounds like a good plan..

Ideally, my itinerary is for 1.5-2 years, not one, so the budget is a lot thinner than $70 a day - it's about $40-$50. After Russia, though, most of the other countries are much less expensive. I'm hoping I can go overland and avoid expensive flights between places, since I've already gotten the long haul flights taken care of on miles (NYC to Oz, Korea to Seattle, Seattle to Peru, California to Denmark).

I measured and weighed mine, and it'll fit. I've become an obsessive packer, TiS-style, lol.