Here's a few replies from the HDF on heat tape - pick one -
#1. - "What ever you do don't do this it will actually be hotter not cooler it's been proven over and over again, heat tape pulls heat out of the exhaust pipe and causes a super hot area over the outside of the pipe which is very hard on the pipe itself, it makes the surrounding air hotter and can cause a decrease in HP because when you pull heat out of the pipe the exhaust actually slows down which robs some of scavenging affect.
On the other hand ceramic coating works wonders for getting rid if heat, I did mine this last winter and it helps a lot, the ceramic coat holds the heat inside the pipe which reduces outside heat and it also increases the speed of the exhaust in the pipe which increases HP. Ceramic coating really does work, it was a $100 well spent."
#2. - "Header wrap, done properly, holds the heat inside the headers. It will keep the exhaust gasses hotter, which reduces density and promotes exaust speed and scavenging. It's not even controversial.
Ceramic coatings will also hold heat inside the exhaust, but don't reduce exterior heat as well as header wrap. It's why some folks with ceramic coated exhaust also use header wrap."
#3. - "Word of caution to the tape users. If you ride in wet conditions alot, the tape holds in moisture and can cause your exhaust to rot without you knowing it. Heat tape does work but this is just one of the down falls of using it."
Here's the HDF thread -
http://www.hdforums.com/forum/touring-models/532587-why-is-the-right-side-so-friggin-hot.html