I worked for a company that had both. IIRC, the sleeve style wrapper was much more temperamental. It required a machine to blow the bag open and it would fail regularly, which in turn required an employee to babysit the machine.
I also found the wrapped pallets were more stable with the extra compression, but this might not matter depending on your product.
I'm afraid it was long enough ago that I can't remember who the supplier was. If a search doesn't turn anything up though, there might be a good reason for it.