No benifit to shooting, just looks cool. It does make refletching easier, but not by much. I think it's harder to get a wrap off than simply scraping away the old vane and glue with a razor blade.
I wrap all my arrows and have been known to be a little picky about it! I usually match my wraps to the color of my strings on my bow. I like to make my wraps personnal as well by adding a saying or phrase. I like the fact that I can heat the wraps up with my wifes hiar dryer and peel them right off and I am left with a new shaft again and don't have to worry about scraping the shaft that could damage it. Check out www.battledrumwraps.com they have some excellent choices and can design some wraps specially for you as well!
"Getting close to game undetected and maintaining self control while delivering a well placed shot are the true keys to bowhunting success." -M.R.James