You both were right - my little pom has two coats...one coarse, thick, waterproof top coat, and a soft, almost rabbit-like undercoat. When I brush him, I have noticed the difference in staple lengths between the two coats - the top coat has a very long staple length, and the undercoat has a short - medium staple length. What I usually do is cut that top coat off with scissors, and then shave his undercoat down.
Well, he's just about due for another shaving (as soon as this storm has passed), and I can't wait to use all of the advice that you guys gave me to spin his coat into yarn! Thanks so much for your wonderful and insightful responses!