Since opinions have been requested and we all have one…
I think exhaust pipe wrap is ugly, stupid, and offers no benefit.

Holds heat in (I’m not an engineer, but that can’t be good).
Attracts and holds moisture - that can’t be good and promotes rust.
Did I mention it’s ugly? Blued or rainbow colored pipes look cool.
Zipidachimp’s ceramic coating mod seems pretty cool.
Save the wrap for the engine compartment of a 427 where you might need to help shield some electrical wires or something.