My tube is covered in scrapbooking paper. Initially I was using heavyweight paper (similar to card-stock), and found that due to the small girth of the tube I was unable to wrap it around without the paper buckling and creating ugly creases. I switched to a lightweight, thinner paper and it was much more conducive!
Also, another great idea is to cover your tube with high quality wrapping paper (like the kind sold at Pier 1). I tried that out just to play around, but the color scheme was off so I didn't end up using it. It worked wonderfully though!