Should you do it? Yes you should. Is it necessary to wrap everything in your house with bubble wrap? No. Kids need to learn boundaries.
Take the proper precautions like putting covers on the outlets. We put safety locks on the cabinets in the kitchen that they could reach. We made sure to tell them what was and what was not acceptable. What they could open and what they couldn't. However, that only goes so far depending on your kids.
We were at a friend's house one day when my boys were about 18 months or so. Then one of mine comes up to me with the lock that was on my friend's entertainment center cabinet and hands it to me. So much for that child proofing!
But we have a coffee table that has some sharp corners. I think I've gotten hurt on them more than the boys have. But if they did get hurt, they would learn to be careful and not to play around the coffee table.
I'm not advocating doing nothing and just letting them go nuts all over the house and get hurt all the time. Take the necessary precautions when they start becoming mobile, but leave some things off the list and test them. Tell them no and that they are off limits and see how it goes. If they listen and understand, then slowly remove certain things as they get older. Before you know it, it'll be a non-issue for both the kids and the parents.