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Exposed Coil Humbucker's
Actually, it probably protects the windings as well. AFAIK, pup winding is usually done w/ wire coated w/ laquer or shellac, anyway, some thin, fragile substance with a high dialectric constant as an insulator. The benefit is that the insulation is thin, so you can pack more winding in the same space for a hotter pup (same is true for transformers and motor windings). BUT, if you chip it *(the insulation) you'll get shorts and you're off to buy a new pup.
FWIW,
-bill
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