I saw this hair style here. It was billed as an alternative to the ponytail. I gave it a whirl.
I think it turned out pretty great. Got a compliment from a complete stranger at the store and everything. (And she was cute and stylish, some one I'd want to be friends with, so that made it an extra good compliment.)
We tried it out on my oldest.
Find easy to follow directions here.
Tried another one and these is the one terrible picture I took: