Looking at the Webpack output, it appears to me that those modules that are passed in as an array to another function (and are therefore not wrapped) should probably be wrapped. As with Browserify, I'd wager it's rare for a module not to be immediately require()d, meaning that wrapping all of them would provide a perf boost.

Need a reasonably-sized Webpack bundle in order to test this and confirm, though. TODO: find some large-ish library that is built with Webpack.