Ok so I hate to do this but I’m going to have to redirect you to my first post about this issue over at the MakeHuman forums. Just don’t feel like copying all that stuff over here again.
Ok I figured it out. Wasn’t the MHX file’s fault after all. It turns out crazy rendered hair is what happens when you don’t have the particle system above the subdivision modifier in the modifier stack. Man what a relief it turned out to be such a simple fix.