Tiger's stack leather wrap as close to wrapless feel in a wrap as you can get.
There will be unfinished wood under the wrap and a groove the wrap sits down in. Once the wrap is removed, the handle should then be turned down to even out the surfaces and refinished. This will cost you at least $120 I would say and leave you with a thinner handle than before.
If you want the wrapless feel but and keep the same dimensions, you might want to try a stack leather wrap by Tiger Products. Ryan at Meuller's does them at a good price. He can put a shiny sealer on the leather and it does not feel like leather at all.
My playing cue has a stack leather wrap. I have it resealed every couple of years. It's been on the cue now for at least six years and I love it. It doesn't have the dry, powdery feel of leather - it's slick and firm.
I 100% agree with this. Tiger's stack leather wrap is as close to a wrapless feel you can get in a wrap, without actually being wrapless.
Here's a short four-and-a-half video on what a stack leather wrap is, and how it's installed -- start to finish:
http://youtube.com/watch?v=EteSBoXm9bI
You can see that the version that Elia Davtyan (Tiger's stack leather craftsman) installs in this video is a high-gloss version. But several different finishes are available. All of them, as Chris says, are firm -- no dry/powdery/spongy feel that ordinary leather wraps have.
I have four cues with stack leather wrap, and I'm in the process of replacing the linen wrap on the rest of my cues with stack leather.
Ryan at Muellers does wonderful work, as well.
-Sean