I've been using the wrap wallet for the better part of a month. Why only a month given I backed wrap wallet in Nov 2013? because Kickstarter that's why. If you want one, I suggest some patience as it seems they still have a bit of a queue.
I really like the wrap wallet. The build quality is great. I went with the black leather / red stitching which has a classic leather wallet look with a bit of accent color via the red. Despite thinking quite a bit about wallets, I have been surprisingly delighted by the experience of using the wrap wallet.
I described my want for a minimalist wallet in previous posts here and there. The Dizimio was my main wallet. It is a great aluminum / elastic band wallet which I used regularly for a year. The downfall was cash usage which simply didn't work for me. If you are simply using cards, I still recommend this and the Dizmio elastic band has been very resilient for me.
The wrap wallet has changed my mind on cash handling in minimalist wallets. I had said that cash sets the minimum size to a folded bill vs. the size of a credit card. I am happy to say the wrap wallet has changed my thinking on this completely. The wrap wallet hits all my needs. Separately, the wrap design is a clever way that minimizes the layers of leather keeping the size near the ideal size of a credit card in its foot print without being to thick.
Cash handling is almost perfect. Your cash is not visible in normal wallet usage. When you need to use cash, it is easy to get out some or all of your money in a reasonably discreet way. Importantly, I can quickly jam my change in the wallet.
As the wrap wallet is made of leather, I suspect there will be some loosening and wear over time. This has happened with all my wallets aside from the aluminum based Dizmio. Beyond this, the wrap wallet doesn't have a down side.