Well the right way to go is ceramic coating, professionally applied. It will actually do good for the exhaust. All other options like paint and wrap are just for show.
I've used all kinds of high heat paint on pipes, and they all eventually have the same issues. They are durable to a point, but any areas that get frequent contact will rub off. My boot would randomly touch my left lower pipe sometimes when searching for the shifter, and the paint would come off regularly. Longevity is an issue on paint as well, it will peel/flake/etc over time.
Wrap is a waste of money other than for looks. I'm guilty of using it. It will rust your pipes quicker than they would being exposed to the elements bare. I deal with it simply because my welding looks like shit, I need to hide it. I also tinker with my motor right after riding, and getting burnt by pipes is no fun. The wrap gives me a few extra seconds of freedom from the 3rd degree burns.
If you have good looking pipes, which you do, I'd absolutely recommend ceramic coating. It's not too expensive these days since it's becoming more popular. A local place here in Cleveland quoted me $90 for my 2-1
