Mr. Pikatto has some nice things to say about Kuhaku, but he absolutely hates the obi or wrap:

The last gripe I have is with the paper wrap—the white portion in the photo— with the subtitle, ISBN number, and other related information on it. These things are common in Japan. If you’ve ever bought a CD,DVD, or manga in Japan you know what I’m talking about. I absolutely hate these things. It’s impossible to keep them on the book while you are reading it, and if you take it off it will most likely be lost. I would have much preferred that the book either had a standard dust jacket or nothing at all.

I'd respond directly on his blog but the comments are closed. Plus it's probably good to get this out in the open: We hate wraps too! Which is why we want you (as soon as the book passes through the scanner at the register) to rip that obi off and trash it. Please! The reason why we didn't use a cover on Kuhaku or DYK is because we like our books to feel like solid objects — without unnecessary paper to be snagged or fall off or become creased.

However, we have to include basic book information for sales purposes. As such we use wraps, like on Kuhaku. But please, don't feel obligated to keep them on. We printed them on the cheapest paper in the most boring way possible for a reason — so you can happily trash it without guilt once you own it!