Under the exhaust wrapping I got some very nice black corrosion on my M3W. Like matt paintig. I did prefer that to the original shiny exhausts. I think wrapped exhausts look good too.
The exhaust after de-wrapping past driving a few 1000 km:
Hannes once: Green M3W; 2013 now: Red 4/4 Sport; 2011 and some practical cars for use in real life