I'd tend to agree with most of your points. Using absolutes often gets you into trouble and saying you should "always" do something limits your flexibility. I'd add some more points to your list.
When you use wrapping code around a very common API, like Hibernate or log4j you make it more difficult to bring on new developers. New developers now have to learn a whole new API, where if you hadn't wrapped the code they would have been very familiar right away.
On the flip side of that, you also limit your developers' view into the API. Using an advanced feature of the API takes more time because you have to make sure that your wrapper is implemented in a way that can handle it.
Many of the wrapping layers I've seen also are very specific to the underlying implementation. So, if you write a log wrapper around log4j, you are thinking in log4j terms. If some new cool framework comes out, it may change the whole paradigm, so your wrapping code doesn't migrate as well as you had thought.
I'm definitely not saying wrapping code is always bad, but as you stated, there are a lot of factors you have to consider.
