Welcome to our little party, Bighoss! Shomesmoke is spot-on as to what the numbers mean, but let me add that those methods were designed mainly for the charcoal and stick-burners out there. What you'll find with an efficient unit like the Smokin-It, is that those methods just aren't so necessary. Many of us that started out trying to use these smokers with the same methods as the "traditional" smokers have found that the whole wrapping/unwrapping thing just isn't needed. You'll find you can smoke most things naked (the meat, not you), and it'll come out moist and tender - and with a good bark - every time. These are truly "adventures in NOT babysitting!"
I'll get some grief from members who swear by the 2-2-1 or 3-2-1 method, and that's OK. The key to this is find what works best for you! If you like to be active in your smokes by wrapping and unwrapping, go for it! If you find that you like the results of cooking unwrapped the whole time....go for it! Lots of advice here, so find what works best for you and suits your personal tastes! ;D