PowerPivot and Parent/Child hierarchies

Does PowerPivot handle Parent/Child hierarchies? The common answer is "no", since it does not handle them natively. During last PowerPivot course in London, I have been asked the same question once more and had an interesting discussion about this severe limitation of the PowerPivot data modeling and visualization capabilities. On my way back in Italy, I started thinking at a possible solution and, after some work, I managed to make PowerPivot handle Parent/Child hierarchies in a very nice way, which is indistinguishable from SSAS. This post explains the technique.