I personally like the cord wrapped handled - I make many myself. I am referring to the Japanese-styled twisted wrap, for instance, over a stingray skin underlay. This type of handle provides the "theme" of the japanese tanto-type genre for those who are into that style. Its a love-it-or-hate-it genre too.
There are definite pros and cons as well as some simple solutions. The handle texture may not be regarded as the most comfortable. Some would regard it as bordering on abrasive with prolonged use. The upshot is the sureness of the grip under any situation, including underwater. The aggressive texture also means that dirt can become stuck and this requires judicious use and judicious cleaning afterwards.
A wrapped handle can certainly absorb a great deal of knife-killing moisture and gunk. This is a given, and in the old days, Japanese sword handles were designed to be regularly removed, for cleaning, drying, repair, replacement and reassembly. Remember though, that Japanese swordcraft was regarded as a man's essential life task / skill and the entire process was a meditative, ritualistic part of daily life - the kind of time expense, most of us cannot afford these days.
The modern approach is to seal or impregnate the entire handle in some kind of water-resistant material. The most common and practical approach is to use an epoxy, that is soaked into the handle material. Different makers use different techniques and materials for this, but I think none of these makers are blind to the limitations of what particualr knife designs and construction.
I have a customer who uses one of my wrapped handled tanto-style blades as a regular kitchen knife as a professional chef, and he always give me good feedback. Many other makers also make this type of handle style, so I think it has its place.
While I am referring to the Japanese tyle handle wrap, this would apply to any other type of cord wrapping too. If its meant to stay, impregnate it. If you don't want to seal the handle, design it so you can remove it for cleaning and replacement.
Just a few thoughts. Jason.