The wraps are made of cotton (sometimes a blend) and are washable. They even sell drying forms that you can wrap them around to dry. They are a bit tricky to wash in the machine, but putting them in a lingerie bag works pretty well.
The cedar smell isn't really strong.
Here's some more info I found :
http://www.bambamboo.com/blog/boxing-equipment/stinky-boxing-gloves.html
ETA: Smelly, germ-breeding boxing gloves sound gross, but I think smelly hockey helmets sound even worse:
http://arxodos.blogspot.com/2009/08/hockey-helmet-odor-removal.html
Some more tips (for hockey gloves, but applicable to boxing gloves as well). The baking soda in a sock trick sounds promising.
thx Kathryn for the links!
If I get these types of gloves, it sounds like wraps are the way to go, and easy to wash(I do have a lingerie bag).
It kind of also sounds like from reading some of the internet sites that it's common procedure to use the wraps. I wonder if it is because it provides more support and padding? It is not just the expense of the boxing glove itself, but, the hand-wrapping expense sounds like it should be added on. Wrapping seems fairly inexpensive expense for a roll of the tape(maybe around $6 or so).
Gel Bag Glove info:
I also saw they have gel bag gloves(instead of wraps) that will go inside the glove for more padding and support--and the price of those seem to be in the $25 price range. Here is link I found for some:
http://www.boxingdepot.com/bx-ac-17.html#reviewSection
Here are reviews on the yellow gel bag gloves in the link above. Supposedly you can use them as wraps(faster than wrapping) under the boxing glove, or use them instead of the gloves. One review said they didn't hold up well, when used without the glove encasing it. The pink gel glove is cute & here is the link:
http://www.boxingdepot.com/bx-ac-55.html <-- This is the same as the yellow one reviewed, but, in pink, and not on sale.
Molded foam glove info:
Here is another option I found, that I am leaning toward, because the palm is open(won't get stinky/moldy/bacteria ridden like a regular enclose boxing glove) and the glove seems secure(???). It also is nicely padded like a regular boxing glove on top.
http://www.boxingdepot.com/ma-gl-104.html
There is soooooooo much to know!!
Hope I can attach 2 links of the pink gloves and the foam gloves for you...