I have been growing Irises for about 5 years now. Both the Bearded and the Siberian. They have different needs but as for putting them away for the winter they are the same. I always wait until after the first frost and then cut the leaves to about 4-6" tall. Every year I have more and hardier flowers. (My original Bearded Irises came from transplants that I found in a very shaded area of our new home. I recognized the leaves but they never produced any flowers. I transplanted them the next year into a sunny location, cut them back after the first frost in the fall and have had big, beautiful flowers ever since.)
I have never heard of this wrapping system and cannot say whether it is good for Irises or not. The one thing I do know is that Bearded Irises do not like being wet. Although I am in a cold zone (4/5) I do not mulch them because of this (just an additional hint).