First of all - no, cycles still has no hair or particle renderer - BUT To render short hair that doesn't need hair-dynamics you can use object groups to render the hair.
I made some spirales and deformed them using the proportional editing tool with random influence, grouped them together and used them as dubliobjects in a hair particle system on the head figure
The need to have a bevel value and bevel has to be set to full for this to work.
Still not perfect, because of the lack of hair-dynamics, but very nice for some cartoony characters or still images.
you can download the blend file here
particle grid glitter
crawl on a sphere
blender particle experiments - paperplanes
blender particle experiments - dissolving tree