I do other wrapping besides wire, but it is a favorite. One problem with the technique in general is that it can be badly done. That Hibben piece mentioned above was apparently never stabilized, and the book by Hrisoulas explaining how to do it got the anchoring and furnishings process all wrong. (Apologies to Gil and Jim here, but I gotta tell it like it is. But when done RIGHT it is superlative in every way.
I have many wire wrapped pieces in service, and have never heard one single complaint about their being uncomfortable on bare hands. (my blade list is here:
http://www.shirepost.com/BladeList.html in case anybody feels like actually counting up how many there are, I've never done it)
Doing it right means that:
1. The right material and wire diameter is chosen. Most people use wire that is too thin or a bad material, like brass. I like stainless steel or titanium... and a wire diameter right around 0.030".
2. The pitch of the two-strand twist is appropriate. Most people don't twist tight enough. I like a pitch of between 12 and 14 twists per inch... so that the wires cross each other at close to a 45 degree angle.
3. The wire has to be wrapped TIGHTLY and with constant tension onto the handle core. Most people don't spend the time to do this step right and the tension is either too loose or too varied from place to place. I use a special lathe that holds the handle and turns it slowly, while an assistant with a spring loaded scale puts a constant tension of between twelve and eighteen pounds on the line (depending on the handle core material and the size of the piece) as I feed it onto the handle, using a foot control to gauge the speed of the lathe.
4. The handle core should have some resilience. Micarta is (for example) NOT well suited to wire wrapping as it is too stiff... the wire cannot sink into it and grip into position. I use a tough hardwood material like Ash, Hickory, or Laminated Bamboo as the core material.
5. The wire has to be anchored correctly, at both ends of the handle. My technique always involves metal collars at each end that covers the anchor points, but the anchor is NOT dependant on the collars, they merely conceal the anchor points from showing. By taking down the handle the anchors can always be inspected. The collars and the wire are wrapped around the same handle core and meet at the edges with the collar cut to the spiral of the wire wrap. Putting the collar over the top of the wire as most people do leaves an unsightly step that interferes with the grip.
6. The wire has got to be stabilized after wrapping. No matter what the handle core is, if the wire is not stabilized and the handle shrinks it can become loose. Stablization is done by immersing the finished handle core with the wire wrapping in polyurethane, laquer, or a thin epoxy such that the stabilizing material seeps under the wire, sealing the wood and locking the wire in place. I use a rotisserie for drying to keep the sealant from dripping.
Leaving out any of the above steps can make a hash of the whole thing, but if all those features are in place it makes a great handle. Please don't judge the technique by a poor example of it. I'll have some pieces on my table at BLADE in May. There are many more photos of this particular piece, including more details about the wire anchoring, on this earlier thread:
http://www.bladeforums.com/forums/showthread.php?t=613005