The advantages are several. They stabilize JUST as good, if not better, than 4 and 5" fletching, so yes, they weigh less...They are more rigid, making them much more durable.....BUT, they aren't as tolerant of contact w/ anything because of that rigidity.IMHO, they also stabilize as good as feathers.....Oh boy, I hear the footsteps coming.....
The wraps are both functional and for looks. They make the arrow easier to see, make for better vane adhesion, and just by gosh look good.