Sort of.  The thing is, the longer the hair, the more it's required to have some frames to 'settle'.  Otherwise the hair looks unnatural.  Long hair needs to breathe, and is never perfect.  The extra gravity comes in to affect at the simulation part more than draping.

Edit:

Oh, and I forgot to add that I use higher 'air damping' setting with that.  Increasing that will help finish the drape.