So I'm planning to go on my RTW trip next year in May, I don't know how long it will last but ideally I would like to be away for a year. Now my passport expires in Feb 2015, should I renew my passport now or will it be easy enough to renew it on the road?
Agree with #1...I'd do it before you leave.
Many countries will be reluctant to let you in if there is little time left on your passport.

Of course it all depends on where you're going, what nationality passport you're carrying, and how much you like to gamble. But since many places won't allow you entry without 6 months validity remaining, and since you're planning to travel for a year on a passport which will begin with just 8 months left, there's really no reason not to renew before you leave.