You can still do Interrail! Me and my wife did it a couple of summers ago, a great experience. We weren't on a budget so we got to stay at a few nice hotels. Half a grand tour -- Copenhagen, Berlin, Prague, Budapest, Vienna, Žagreb, Trieste, Florence, Milan, Venice, Zürich... I can warmly recommend it. We would have loved more night trains so I am eagerly awaiting the new Stockholm-Berlin sleeper.