If you go through my instructional thread towards the end, you'll see where someone asked that very question. I think it's neglible at best (the difference between a wrap and two coats of spray paint); it may even be lighter -- two coats of spray paint doesn't weigh that much.

But... the results are FAR more satisfying -- to me -- than merely having a wrap on. The wrap's easier, but I've received WAY more comments from other bowhunters about my custom capping and cresting -- even in the simplistic patterns you see on my thread.