Photon correlation spectroscopy was employed in both the polarized (VV) and depolarized (VH) geometries in order to investigate the dynamics of concentration and orientation fluctuations of model hairy-rod poly(p-phenylenes) in semidilute solution. These materials possess a large inherent optical anisotropy, which allowed the unambiguous detection of orientation relaxation. By probing the dynamics in two solvents of different qualities, chloroform, a good solvent, and toluene, it was possible to distinguish nearly molecular from aggregate processes. Two modes were detected in the VV correlation function: the fast cooperative diffusion, D c, which increased nearly linearly with concentration (Dc/D0 -1 ∼ c 0.9 ), and a slow mode, Dslow, which slowed with concentration (Dslow ∼ c -1 ). The latter process was assigned to the self-diffusion of small aggregates, as confirmed by independent pulsed field gradient NMR measurements. Broad VH correlation functions were obtained at high concentrations and revealed the presence of a dominant mode exhibiting a decay rate, ΓVH, which decreased with increasing q and concentration (ΓVH ∼ c -0.25 ). This mode was assigned to orientational correlations in space, due to some local ordering of parts of the molecules. These findings cannot be accounted for by the existing theories.