I did it for a steam pipe in my NYC apt. I thought it looked great and did provide some insulation / protection from discomfort / possible burn when touched - also it kinda matched my floors and wooden blinds - sorry I don't have a photo handy since this was about 10 years ere. The pipe underneath would get very hot but nowhere near enough to cause any sort of fire hazard / combustion (in my opinion only). I say go for it (altho the act of wrapping the pipe was somewhat of a PIA, I must say).