This is a very good starting point. This is as good as it gets with most other hair software, but with Hair Farm you can do better.
The first thing I would do is to modify the thickness curve of Hair Generate. The default thickness curve is not working out so well for long hair. Hair strands are too thin towards the tips. If you'd like to achieve more realism, you will need some more HairStyle modifiers to break the uniformity. Also, it might help to use multiple Hair Generate modifiers and add some frizzy hairs.
As for hair rendering, it can be improved as well, but you should first improve the model. One thing to always keep in mind is to turn off Speed Up (Per Vertex Shading) at least for materials. Speed up improves the rendering speed, but you would get more realistic results without it. Also, check out bump mapping. Lee Perry-Smith has some bump mapping examples
here (NUDITY).