Wrap, if you want to do it yourself, has a number of benefits and disadvantages
Advantages:
1) It's cheaper than paint in terms of materials
2) It's not permanent - you can change/alter it whenever you want
3) It acts as a protection layer and takes abuse from debris better than paint and it can be patched up when it wears off (I'm talking about lower/front/under-rear)
4) You can have results that would be much harder/more expensive to achieve with paint - ie. complex design/color combinations
5) If you print custom graphics vinyl, the results could be quite amazing
Disadvantages:
1) It takes longer than paint - it will take some patience and learning to use viny/heat gun/knifeless tape properly but it gets easier with practice so don't expect a perfect result the first time out.
2) Unlike cars, bikes have a lot of curved surfaces and it complicates things, that is it takes a lot of work to lay it down right. Dealing with compound curves can be tricky but not impossible - it could take 2 people to heat/wrap at the same time.
3) The finish may not be absolutely perfect as in some cases you won't be able to lay a single piece to cover the whole fairing so it will have to be sectioned. It's not really noticeable and doesn't particularly matter on a track/race bike.
What I decided to do is combine paint and vinyl, rather than try to wrap the entire bike. For what I had in mind design wise, it would be been very costly to just paint. So I had a painter clean-up and paint the fairings with one base color, which was cheaper since he didn't have to mask anything off, create designs, and add other colors. It was a few bills but still reasonable. Then I added vinyl design over top of the paint. In the end, it cost less than a paint job with added benefits I've mentioned above and time/frustration savings in the end. I got a few pics in my build thread if you want to see how it turned out.
Having said all that, if you want to go all matte black, it might be fun to try to wrap the whole bike. Just pack a lot of patience, study YouTube videos on technique, be ready to compromise here and there, and be prepared to waste some material on learning.