I wrapped mine with black wrap off eBay. You should wet the wrap before install, to get a tighter wrap which, in turn, lasts longer. The black turned gray from the water, so I used high-temp paint to black it again. That lasted me an entire season. The wrap is still in perfect shape, thought it is now grayish. Painting takes about 10 minutes, and I'll probably be doing it once a season.
The actual wrap install took me about an hour. Pipe stayed on the bike, and it wasn't extremely easy.... but it was only about an hour, maybe 1.5.
I chose wrap for a few reasons:
1. Cost. $20 in wrap would take a long time to match $150+ for ceramic, even if it needed to be done every year... which it definitely does not, if it's done right the first time.
2. Look. I actually like the non-shiny (flat) look of the wrap, as well as the fact that it isn't smooth. I like the texture of the wrap. Growing up, my dad's race cars used header wrap, so for me it symbolizes speed.
3. Heat-to-touch. I can't speak from experience about ceramic coating, but using other knowledge and experience, I think it's safe to say you still cannot touch a header while the bike is running, even if it is ceramic coated. Ceramic is a very good conductor, so I feel it will still be rather warm to the touch. Wrap, on the other hand, is fiberglass, which is a great insulator. While my bike is hot or just after a long ride, I can touch the pipes with bare skin without getting burned. If I hold my hand there it will burn, sure, but just to touch for a second or so (say, by accident?) you don't even feel the heat.
I hope this was helpful... and not too boring
Gary