Hey danthekilla, I've got a rope that works reasonably nicely. You can use the Path class. This turned out to be the secret:
I have something that may meet your needs. I'm using a modified version of the farseer Path() class with Linear Springs. I give the path a new field called _linkWidth which is used in place of _width when determining the distance
between links. The bodies are still created using _width. After the path is built (with _linkWidth = _width * 2), I go through all the springs and set their rest length to a pretty small value. This gives the effect of creating a stretched out rubber band
that springs back, as opposed to the default behaviour of a compressed rubber band that unfurls
More info and ideas in this post: http://farseerphysics.codeplex.com/Thread/View.aspx?ThreadId=49501
If you want zero stretch, revolute joints are the way to go as they are much more stable than springs. You can probably get a small amount of stretch with springs by applying my above technique and setting the SpringConstant to something quite high. Also,
for a really cool effect, use Curves when rendering the rope - it looks so much better and lets you reduce the link count. I'll hopefully get around to making a video of my rope in action some time soon.