Wrapping the exhausts is nothing new, people have been doing it for years.
When I get the new mbrp turbo back system, I'll wrap the down pipe and take some pictures. I took a picture earlier today of the down pipe that is ( bare ), and it does not show up very well. A temperature reading before and after will tell the tale. I think everyone will be surprised at the outcome. For those of you who live in Alaska, you might not need it. The rest of us who live in hot climates, any heat reduction is a good thing for our under hood components.
On second thought, I'll purchase the wrapping Monday and put it on the stock 3 inch pipe, and make it a little long, so it will fit the 3.5 inch down pipe that I plan to purchase.
Add for Thermo-tec wrap sold by Summit Racing:
Prevent engine heat from robbing horsepower.
By wrapping your headers with Thermo-Tec exhaust wrap, you keep exhaust heat in your pipes where it belongs. This reduces underhood temperatures up to 70 percent, and cools the incoming air/fuel mixture to increase horsepower and fuel efficiency. Not only that, but the reduced heat also extends the life of electronic components. Exhaust wrap can withstand continuous heat up to 2,000 degrees F, and installs easily with standard hose clamps or the optional stainless steel Snap Straps.
http://store.summitracing.com/egnsearch.asp?N=700+4294923429+4294923290+115+4294918557