XRAYED:
Wear, unravelling, and not to speak of sanitary problems.
Sanitary problems I can see depending on what it gets used for. Unravelling depends on the quality of the wrap. As for wear, how long a period of time are we talking about here? I had a simple wrap on my BM for a few months and the cord suffered no wear and stayed on fine.
Now if it comes in contact with anything abrasive then yes it would not last very long. It is not hard to cut through the handle and a slice through the middle will cause the whole wrap to come apart. Same as a decently hard hit with a hard object, or exposure to open flame. If any of these things happen on a regular basis obviously cord wrap is not a good choice.
In regards to the security and comfort of cord wrap. In the link Marion provided I give a short summary the benefits I have found. To me the stability is not important for the Tactical "blood and guts reason" but there are lots of times when I am working with a compromised grip.
For example, yesterday while chopping a few rounds off of a logs with the Machax one of the chops glanced, the blade twisted around in my hand, slid across the log and struck into my left hand. I was wearing very heavy work gloves and this and the fact that the edge was not that sharp protected my fingers.
During really heavy impact work the ability of the handle to freely rotate in your grip greatly increases the chances of glances and when they do happen, makes them far more dangerous. Grips that rely on shape alone will get very easy to rotate when your grip is compromised. The only practial solution to this is to greatly reduce the force you are using which of course vastly reduces the blades ability to function.
It is not just chopping either, any cutting where you are exerting a lot of force and the material could possibly move could also cause you to get injured if you cannot maintain your grip on the blade, hard stabs etc., will do the same thing.
After handling the Project and WB(s), I have significantly changed my outlook on how handles should be made to give optimal performance. This would be changed again if I ever did find a grip that was stable without an aggressive surface finish.
-Cliff