sounds like it could potentially include its own amount of disadvantages as well. Weakening the header metal as it doesnt get proper cooling, trapping moisture and contaminents in the wrap causing corrosion and potentially starting fires if oil or other things get superheated on the wrap.
Still, it looks cool, but seem to only really have advantages in the looks department and not much else.
Wrapping headers is a well known and proven way to not only improve gas flow, but also control heat in engine bays and other closely mounted items that are susceptible to getting too hot.
And they look good (in my view)!