Less heat loss under hood - good (lower under hood temps)
Less heat loss - better exhaust gas velocity, good for clearing engine for next fresh charge of combustibles
Issues are - heat wrap can cause early corrosion of manifold (probably have to replace every 3-4 years - or more often depending on where you live), but ceramic coating that you paint on yourself isn't very effective. The ceramic coating that is applied by a plasma spray process works pretty good and will stop (well greatly minimize) rusting of the manifold. Problem is this last option = big bucks!