replying to snipped-for-privacy@aol.com, Rob wrote: Insulation is effective when you have a significant temperature differential between the spaces on each side of the insulation. The hose bib is "outside," right? So, outside the cover you have frigid outdoor air, inside the cover you have the hose bibb and more outdoor air. With no source of heat, and no seal, how long is it going to take for the temperature inside the cover to become equal to the temperature outside the cover? Not very long.
As "insulation" I can't see how those covers can do much of anything other than make money for the manufacturer and stores that sell them. There might be a little value in dissipating wind chill if the faucet is exposed to the wind, though, and keep snow and ice off of it.
A more effective thing might be to use a heat tape on the pipe during periods of extreme cold. This will keep the pipe warm enough so the water inside will not freeze.