You Ask: Papillon / Phalene Hair, Fur, Texture.

You ask: what is the Papillon's hair like:
First, go here to read about the breed standard.

The hair coat should be smooth and silky, with no undercoat. It should be flowing/bouncing while walking.
But the texture of Papillon hair differs slightly from each other: from very fine and silky to a more thicker hair, but still silky.

Not so good: we call it "cotton coat" ; it does not move that well, also associates with an undercoat, which a Papillon should not have.
The coat itself is longer in some Papis, than others. Genes, Genes, and Genes again. 
But there is more to it.
Read here to learn more about our 4 legged friend's hair.