I've only every used it on cars to get some heat out of the engine bay. Normally to protect other components close to the headers from being damaged by the heat (alternators usually)
looks cool as feck, go for black and get some stainless steel cable ties to hold it in place. Probably wont do much good but it wont do any harm, and it will look cool.
I have exhaust wrap on my Husaberg FE570 but only because:
The exhaust runs VERY close to the fuel tank and the rear shock - I'd like to keep them as cool as possible
If I've had a r/h falling off moment the exhaust could be very close to my leg/foot - I'd like to keep them as cool as possible too
The wrap looks unslightly and jet-wash (indeed any washing) deteriorates the wrap. The exhaust pipe is now somewhat miscoloured. Next time, I'll get the pipes ceramic coated.