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Ceramic coating is a far more advantageous technology for a street car. Wraps are fine in some applications but you have to be aware of the hydrogen embrittlement problem created by using wraps. This is what seems like melting and rusting. Mild steel, used in most headers, is most affected by hydrogen embrittlement and you will be replacing the headers on a fairly routine schedule.
What wraps and ceramic coating do is keep more of the exhaust heat in the pipe. And heat is energy. The more heat you keep in the pipe, the faster the gas moves and the better the system scavenges.
I have my sidepipe headers wrapped around my starter and the wiring that goes to that just to keep it from having any heat issues. Its a tight fit and its not a show car so people can bitch about it all they want if it keeps my starter from frying then its money well spent.
If I do throw a new engine in my car im considering wrapping and spraying header wrap sealant on them and removing the mufflers from my sidepipes. Hot and loud just like they should be
Designer Imagines A Corvette That Looks More Like a Corvette Than the Corvette
Slideshow: A Jaguar designer's personal project imagines what a modern front-engined Corvette might look like if Chevrolet revisited the golden age of the Stingray.