I teach an environmental science class, and although this hasn't come up in a research project yet -- some of the points in the paper cup vs. styrofoam debate might be useful.
--neither waxed paper nor plastic wrap are accepted by most recycling programs, BUT there's some evidence that waxed paper products are more likely to decompose over time ... so if your municipality has a composting program, it may accept that kind of waste
http://www.environmental-expert.com/magazine/biocycle/september/article3.htmFrom what I can recall, the main feedstock for the plastic wrap is likely to be natural gas (unless it's specified as post-consumer). This is a non-renewable resource, and its extraction has considerable negative impacts on the environment. On a small scale, it's possible to wash and re-use plastic wrap for a couple of times (I did this during high school).
The waxed paper is made from, well, paper (issues include harvesting of old-growth forests, and chemical pollution during processing, and the use of fossil fuels to dry out the paper pulp) -- and the wax is probably a petroleum product (I haven't seen any commercial wax paper that uses beeswax). So it's got some problems too, even though some places recycle it (but this is for stuff like label backings, not food wrappers).
http://www.thanksgivingcoffee.com/resource_library/environmental-audit.lassoGreenpeace has a directory of companies which make more environmentally-friendly paper products (not implicated in old-growth clearcutting, do a lot of recycling, use chlorine-free processes) ... I don't think they list waxed paper specifically, but it would be a reasonable assumption that a company which they rate highly might have a better record for all its products. (I don't know where the waxed-paper manufacturers get their paper from, but I suppose one could call head office and check.)
http://www.greenpeace.ca/e/campaign/boreal/depth/aff/http://www.commondreams.org/news2004/1118-17.htmI think I would go with the waxed paper (the compost factor, and also because they seem to be a bit further along with the sustainable manufacturing thing ... the plastics industry hasn't done as much about recycling as it could, in theory), but admittedly it's not an easy choice.
From the US Department of Energy ...
http://www.eia.doe.gov/kids/energyfacts/saving/recycling/solidwaste/plastics.html"In recent years, several plastics recycling companies have closed their doors. They claimed they could not sell their products at a price that would allow them to stay in business. Thanks to the relatively low cost of petroleum today, the price of virgin plastic is so inexpensive that recycled plastic cannot compete. The price of virgin resin is about 40 percent lower than that of recycled resin.
Because recycled plastic is more expensive, people aren’t exactly lining up to buy it. Surveys conducted by Procter & Gamble and others show that while most people expect their plastic to be recycled, they won’t go out of their way or pay a few cents more to buy a bottle made of recycled plastic. Recyclers say plastics recycling won’t be profitable until we close the loop by creating more demand for recycled plastics."
This is about stretch film for pallets -- saran-type wrap, unfortunately, hasn't attracted as much interest.
http://www.plastics.ca/topics/default.php?ID=49"EPIC has also developed a Best Practices Guide for the Collection and Handling of Polyethylene Plastic Bags and Film in Municipal Curbside Recycling Programs in order to help improve quality and consistency of this material. As well, EPIC has developed sample print, radio and TV ads all downloadable for use by municipalities to help educate residents on recycling plastic bags (Click here for Sample Ads or Click here for a template of a Plastic Bag Recycling Flyer). Additionally, EPIC has a Stretch Wrap Recycling Guide available for those businesses interested in starting their own stretch wrap recycling program."