Overall, doesn't it get expensive though? I've always viewed it as doing calligraphy versus scribbling with a crayon, an aesthetic thing mainly. I did a little YEARS ago, and haven't given it much consideration since I "returned" to hobby electronics. Is there more to it?
When I did use to wire-wrap I would still solder the pins/posts at the pad holes to give the sockets and connectors (at least the corner or end pins) for more mechanical stablity and strength.
I have read about how to properly wire-wrap in such a manner so that if you do make a mistake (or find you have to alter something later) on a complex circuit, there are ways to wire it so that you don't have to take more than one or two layers off the post.