(MONEY Magazine) – THIS MONTH: Olympic pins that are worth their weight in gold Hot produce, fresh from your own garden The latest rip-off at your friendly pay phone

ONE LOOK AT THE REAL ME BELOW AND you'll know why my editors picked me to write this story. Along with 35 million other American men--and, by the way, 20 million women--I'm losing my hair. And, like many of the follicly challenged, I sometimes wonder what life would be like with a full head of hair--anybody's hair, to be honest. Many of my fellow baldies are doing a lot more than wondering, of course. Thanks to them, baldness has become a $1-billion-a-year business. And that figure could rise by as much as 10% beginning this year if Rogaine, the prescription-only baldness treatment made by Pharmacia & Upjohn, receives its widely anticipated Food and Drug Administration approval for over-the-counter sale. With Rogaine in every Rite Aid, the decision of which remedy to try will become, well, all the hairier.

This article will help you to sort through the head-spinning range of baldness treatments available today--from $30 spray-on wisps to $60,000 sew-on manes. Indeed, most of these products and procedures, which are rarely covered by insurance, are marketed through ad campaigns that are long on promises and scrubby on facts. "The number and scope of claims being made today are greater than ever," says Anthony Santangelo, president of the American Hair Loss Council, a baldness-treatment industry group.

Approaching the story as a potential patient, I spoke with or visited more than three dozen surgeons, dermatologists, hairpiece makers, drug firms, retailers and the consumers of their wares. The bald truth: There is still no panacea for baldness, but there have been technological advances over the past decade that have improved the quality of many hair-loss remedies. From Rogaine, which is expected to cost less than $400 a year in over-the-counter form, to effective new hair transplants that could set you back $10,000 or more, a fuzzier noggin is well within your reach. However, all of these options have their drawbacks. Here's a breakdown of your three basic choices, from least to most aggressive (as well as least to most expensive):

Topical solutions that promise to halt or reverse hair loss. From black-tar soap to placenta-based shampoos, most of the elixirs that people use on their scalps work only to enrich the seller. The one topical solution that can halt hair loss and sometimes grow new hair is Rogaine, a lotion that generated $100 million in U.S. sales last year. Since its introduction in 1988, the drug has been available only with a doctor's prescription. But last November, an FDA advisory panel ruled Rogaine safe enough for direct sale to the public. Indeed, there's a strong chance it will be on drugstore shelves by April. Likely cost: about $30 for a month's supply.

Does Rogaine really cure baldness? Sometimes, for some people--specifically, folks at the beginning stages of hair loss. Roughly 40% of Rogaine users grow new hair, though often it's little more than peach fuzz. Fewer than 10% experience the significant hair growth that most Rogaine buyers dream about. What it can do for almost anyone, however, is arrest hair loss.

The drug's downside is that if you stop applying it (twice daily, forever) you'll rapidly lose any new hair you sprouted. You'll also eventually shed the hair you would have lost had you not used Rogaine in the first place. Lastly, Rogaine's main ingredient is minoxidil, a drug that in very rare cases can cause cardiovascular problems.

Wigs and other cover-ups. Americans spent $400 million last year simply to hide their bald heads. The cheapest methods involve spraying, sprinkling or rubbing on materials that essentially color your scalp. Most of these do-it-yourself paint jobs, which are typically sold over the phone or through the mail, cost $30 or less for a one-month supply. But what you get is glorified shoe polish.

The most reliable camouflage is a hairpiece. These are sold mostly through the 5,000 hair-replacement salons scattered throughout the country, the largest of which is the 59-branch Hair Club for Men. I started out skeptical of this approach, remembering how Uncle Seymour's toupee would slowly slide down his forehead at Thanksgiving dinner. But after visiting several different hair-replacement shops, I came away impressed by hairpiece advances.

There are essentially two approaches to hairpieces these days. The simplest is the clip-and-tape method, in which a conventional hairpiece, or toupee, is secured to your head. The advantage of a toupee--which is made from synthetic or natural hair that is dyed and styled to match your own--is that you can easily take it off and put it on in privacy. The drawback is that it can almost as easily be knocked off during, say, a touch football game.

The second approach is to attach individual strands or clumps of new hair (or even a full toupee) by weaving them into, or gluing them onto, your existing hair, with the help of a translucent mesh foundation. The end product not only looks more realistic than a toupee but you could also bungee jump in a windstorm without blowing your top. However, you'll have to come in every six to eight weeks for an "adjustment" or "tightening" as your hair grows (average cost: $50 to $100 a session).

There's no significant up-front cost difference between a decent toupee and a good weave or glue job. Prices depend on the size of your head and the extent of your hair loss, but expect to pay between $2,000 and $3,000 for the initial hairpiece or hair weave. That's right, initial: You'll have to replace your store-bought hair every two to three years.

Surgery to plant hair where you need it. This is by far the most aggressive solution and the most dangerous. Among the potential complications: infection, bleeding, swelling and scarring.

Still, thousands of Americans spent an estimated $400 million on hair-related surgery last year, up from $200 million in 1991. The options range from conventional hair transplants that cost several thousand dollars to a $60,000 procedure in which handfuls of tiny hair anchors are implanted under your scalp. For the latter operation, described to me in the swank offices of Ivari International in New York City, you must fly to Paris, since the FDA has not approved its use in this country.

In the U.S., there are three kinds of surgical procedures to choose from. In flap surgery, a section of hair-filled scalp from the side of your head is rotated to cover up a bald spot. Scalp reduction works something like a face lift, reducing the bald area by literally cutting it away and pulling patches of skin with hair follicles closer together. Both of these procedures--which range in price from $1,800 to $10,000--can have disastrous consequences, according to medical experts. For example, the flaps don't always take hold, resulting in ugly scarring.

The third option is the most common and most widely accepted surgical hair-replacement procedure. It's the transplant, performed on more than 300,000 men and women each year. The surgeon cuts grafts of skin from the sides and back of the head--where roughly 75% of the 150,000 hairs on the average person's scalp are located--and replants them on bald areas. These days, a properly performed transplant will not leave you looking like a Barbie doll or a cornfield, with regimented rows of hair plugs dotting your head. New mini- and micrografting techniques allow surgeons to implant extremely small grafts of hair, ranging from one to six strands, in a more natural pattern throughout your bald area. Still, even the best transplants will leave you with what looks like thinning hair.

That said, many of the transplant patients I interviewed were thrilled with the results. "I was resigned to wearing a wig for the rest of my life," says Vivian Potter, 34, a New York City police detective who lost the hair on one side of her head after successfully battling cancer more than a decade ago. "The transplant worked."

A typical transplant for a person with significant hair loss--in which roughly 6,000 to 12,000 strands are rearranged on your head--costs between $6,000 and $15,000. You'll have to sit through several three-hour sessions, spread out over weeks or months. During that time, you may have to camouflage your wounds, to avoid frightening co-workers or little children. You also run a small risk that your transplants may not take, although these days the average "complication rate" for experienced transplant surgeons is less than one-half of 1%.

Experienced is the key word here, since many transplant surgeons are relatively new to the field, which has precious little regulation and few competency standards. "When all the legal problems with breast implants started in the 1980s, a lot of plastic surgeons switched to hair transplants," says Houston transplant surgeon Carlos Puig. In fact, the number of surgeons performing hair transplants has tripled over the past decade, from an estimated 300 in 1986 to about 900 now. The best way to choose a surgeon is on the recommendation of someone you know who's had a successful transplant. If no one you know owns up to it, get referrals from the American Hair Loss Council (800-274-8717), the American Society for Dermatologic Surgery (800-441-2737) and the American Academy of Facial Plastic and Reconstructive Surgery (800-332-3223). Talk to at least two or three surgeons--and meet with at least as many of their patients--to make sure you like a doctor's handiwork.

As for me, my head has been sprinkled, sprayed and probed enough for one lifetime, and I'm leaving it as is. Just as well. I don't think I could choose between Fabio's fab locks and Hugh Grant's no-fuss, all-muss look.