What I like about Farrow-wraps, or any of the velcro compression, is that they are easier to put on than conventional wraps, and often can be done without assist from a caregiver, or with more ease on the part of the caregiver in the case of a caregiver with arthritis or carple tunnel.
They are also nice because they accomodate fluctuations in leg volume, whereas a stocking will require that you remain fairly consistant within a few centimeters circumference.
I actually prefer the solaris ready-wrap because they have velcro on each side and can be applied one-handed, which makes it easier for people who can not reach their feet easily.
The downside of these is that they look like leg-splints, as compared to stockings which look like stockings or socks - so take into account what you might want to wear out to dinner or to church - you may want a pair of stockings for 'dress up' occasions, or times that you don't want to look like you have medical apparatus on.
All the velcro-compression wraps (Farrow, Solaris, Circ-Aid, Bia-care) will cost you more up front, but will last twice as long, so financially it comes out about even.
Whether insurance covers it or not depends on what insurance you have. I live in Idaho and there are hardly any that will cover compression of any kind, even stockings.