Good question. You'll get a lot of answers from a lot of people. They are obvioiusly for looks, allow you to personalize your arrows without marking them up or spending the time and needing detox after dipping and cresting...what an art.

The thing about wraps that is so nice is that it really saves your arrows. I mean, instead of scraping fletching off of your arrow and damaging the shaft (especially with carbon and wooden arrows) you just peal them off and wipe off the residual adhesive with goo gone or goof. Wipe off the oil with alcohol, let them dry and you are ready to go.

You'll spend a little money on wraps, but it sure beats the fortune you'd spend replacing damaged arrows.