Havent used wraps since I was in high school, mainly because I havent squated in a way that would force me to use knee wraps that often. I beleive that using knee wraps too often can actually be bad for your knees because the joints and ligaments and tendons around that area arent being worked. Theoretically it seems ok to do every so often, but not all the time.
Too many people let thier ego get in the way on squats and load up a ton of weight. People complain about squats killing thier knees and back. I think the reason it does that to them is because they put on an unnecessary amount of weight. If you go fairly slow on the descent, go down all the way, and initiate the squat with your knees instead of by bucking your hips, you will be forced to lighten the weight, and therefore will escape without any injury. Your ego will suffer but you will be rewarded with great leg development and a healthy back.