I know they're a bit nineties, but I LIKE wrap dresses. I am a size 14-16, with boobs, belly and butt, but I have a well-defined waist. I always feel well-presented and, well, perky, in a DvF wrap dress. Plus they're forgiving - I've just lost a stone, but the dresses still fit, just pulled tighter.
I always feel 'overdone' in a wrap dress but then I like baggier things. If they look good on you then you are not deluding yourself! They were big in the 90s / early 00s but they are pretty classic so I wouldn't let that worry you.
I love them and I think they're a classic. They're great if you have big boobs and a small waist. They manage to be sexy as well without being obviously tight and bodycon. I generally go for DvF and Issa, but I've even got one from Asda.
i find them flattering too, they give me a waist. I have large bust and often that means things don't go in at the waist giving me a barrel look, whereas wrap dresses go in at the waist and show that I have a waist.
Docket - I only wear them with a vest anyway due to cleavage issues and have done the vest up dress down thing a few times, like at events where I had to put a frock on! I just feel too exposed, not helped by the fact I have to get my whole boob out to latch DD on. It's just too much faff for the moment.