I did a indepth study on this passage of scripture years ago, searching the customs and history of that time period, what the greek definitions are, how it apply`s to us today, and this commentary is the closest to what I learned as I could find online, (link to complete article below) well worth your time to read, very interesting!
Veiling was a custom in much of the Roman Empire and Paul frequently upheld customs, even when they weren’t laws, just as he does here. In Acts 16:3, Paul saw to it that Timothy was circumcised, not because it was law, but because Paul was culturally sensitive to those he was witnessing to. This is one of the reasons Paul wrote to the Corinthians about veiling. Veiling isn’t a law or a requirement, but Paul admonished the Corinthians to continue in the practice, or else they could have been identified with paganism and become a stumbling block to believers and unbelievers alike. In cultures today that still practice veiling, it is only appropriate for Christians in those societies to continue in their custom. In cultures that do not veil, no requirement is placed upon them by this passage.
I Corinthians 11 is a complex chapter in the Bible, but it provides great insights into Christian conduct, and it can be understood. Once a person recognizes the core issue that Paul is writing about, it becomes apparent that hair is the least of Paul’s concerns. For that matter, veiling itself is somewhat secondary.
In the early Gentile church, as it is in many cultures today, veiling was a symbol representing submission to authority. By women removing their veils, they (at the very least) were mimicking the rebellious pagan women of their day that removed their veils to show their disdain for male headship. It is likely that some of the Corinthian women weren't just mimicking a fad, though, but were actually showing their own disdain for male headship. In doing so, they were revealing a rebellion in their hearts toward their husbands and toward God, and rebellion is the very sin that caused one-third of the angels to fall. While the veil was merely a symbolic custom, the rebellion in the heart that led to rejecting its use was quite real. Paul's actual concern here is not about hair, or even veils for that matter, but about spiritual authority and the necessity of recognizing it in the Christian life.
http://www.actseighteen.com/Articles/corinthians11.htm