The biggest difference between the traditional annual report and the 10-K wrap is the way in which the information is presented and how much additional information is included above the required 10-K information. The traditional annual report has a greater focus on comments from the company and the document includes more images and graphs to communicate performance and corporate objective.
By contrast, the 10-K wrap is essentially the 10-K filed with the SEC along with some additional editorial from the company - but not nearly as much as the annual report. It usually has a lower production cost because it is often printed on lower-quality paper.