Well, he has facial hair, and it's better than Oblivion's "beards", because it actually looks like facial hair, as opposed to just having a dirty face, but I think people are asking for a bit more. However, I expect we'll see that, for two reasons, first, Fallout 3 could do actual beards, so it seems clear that Bethesda figured out how to get them to work with the facegen, so I see no reason why they'd suddenly decide not to do them in Skyrim, second, can you imagine Skyrim WITHOUT beards? Not only is it the home of the Nords, but it has people called Greybeards, and we know they'll appear in Skyrim. Don't you think having people called Graybeards and having not one of them have a beard would be pretty strange? Therefore, I think that Bethesda paid special attention to including proper beards. Now, we may not have seen the fruits of this yet, but we haven't seen a lot of things, that doesn't mean they're not in the game.