Maya hair sucks plain and simple fur sucks too albeit a little less.
I think hair is great for creating a nice rope bridge, but when you actually want to use it for hair it's bollocks.

I personally think that alpha hair is still the best way to go.
I have seen some ellaborate ways to create hair including getting some paint fx hairs converting them to polys and then get them in ZBrush and work on them there but I found this way to lengthy and cumbersome.

I have seen the hair created by the joe alter plug inn which is pretty impressive, what i am finding strange is that a small company like joe alter or at least relatively small compared to autodesk is managing to make a piece of software that integrates (almost) seamless with Maya, while development of maya consists of bundling existing software and matching terminology and icons( equals annoying)to the other packages they have bought or are buying.
And Maya 2010 isn't supported yet so no reall use to me.

But to stay on topic:
I wouldn't use Maya hair for any production, it is to slow just fake it you get better results and as steve pointed out you can make stuf dynamic afterwards either through nucleus or joints which ever you choose.

Good luck