Join Date: Mar 2003
Location: Humble, Texas
Bikes: Trek Pilot 5.2, Trek 7500 FX
Yes there is a quick release lever at the point where the handlebar stem slides down on the head tube. You flip that up and the handlebars pull right off, with the cables still attached. You can then turn the handlebars 90 degrees to the right and lay them down along the top tube and they will lay their nicely while you tote the bike around.
If I remember when I get home tonight I'll post a couple of pictures to illustrate.