Hi:
 
I don't have any good information to convey except to say I use the foil
bubble wrap on my indoor hives and on my roll-up garage door.  It
increased the temperature in my garage by about 5 degrees F as soon as I
put it on.
 
As for wraps outside - well, it will certainly block the wind and doesn't
soak up water.  However, its claim to R values is based on reflecting
heat back in, which is why my attached garage gets warmer.  Blocks drafts
and bounces radiant heat back.
 
 
Can't really say what it will do, but can guess what it won't do.  It may
trap moisture in the hive, it doesn't breathe at all.  We've learned over
the years in our somewhat moist climate that particle board, plastic
hives, plastic wrap, end up holding moisture in the hive.  Top
ventilation may not suffice.  After all, a cluster in cold weather isn't
fanning.  I would think the bees want dead air around them for insulation.
 
The foil will not act like a black box on sunny days.  It will bounce
the sun's heat away from the hive, not absorb it like black roofing
felt.  In our area, those who wrap usually concentrate on a black cover.
Seems like we need to warm the bees up during our January thaw so that
the cluster breaks and can move to honey stores.  If they stay tightly
clustered for too long, they starve in place with nearby food going to
waste.
 
So, it may depend on where you live.
 
Jerry