Well, I've been working on (and just FINALLY got it to work correctly.) using a set up that uses a spline IK set up... It actually switches... There are two chains, one, regular Spline IK joint chain... And a second Spline IK chain, that then has the Spline curve converted to a soft body object... This allows the tail to do extra "whipping" on it's own. So it will sway back and forth before coming to it's resting pose.
You can switch between this Spline IK and Spline IK-soft body chains, so you can give it this extra automated "follow through", or switch it back to regular Spline IK, so that it stays exactly with the controls as you tell it to. I found a tutorial in "Inside Maya ", by M. Adams, E. Miller and M. Sims that helped me the most.
But you can also google "Soft Body Spline IK" and find at least two other tutorials that tell a lot of the same thing.
Most of the time, these set-ups will use locators to control the soft body Spline IK curve, but I used a method to make some simple NURBS curves that will rotate the locators, so you don't have to continuously translate them in space.
Anyways, to recap it allows for easy automated swaying as he walks, and also allows you to smoothly transition into finer control, for more finger like control over what he's doing with it. Let me know if you need any help or any more info on it.