Have had/ done both and would go the ceramic for aesthetics particularly, I do have a very old tale of woe with wrap - a friend sent his kit car up in flames, by wrapping the whole exhaust as it passed through and close to GRP sill, when the car went up the analysis was that the wrap had super heated the steel exhaust, and gases causing a pinrpick hole to act as bunsen burner onto the GRP...... Who knows the voracity of that but that's what he said, I am sure knowledge and materials have improved since then, and ceramic I have seems durable and very cleanly done.