Here's a clever would-be product on Kickstarter that deserves a little attention. It's called the Meezy Cube and it's meant to protect your MagSafe adapter's power cube and prevent cord fray. It's the latter that I'm excited about. Not that fixing a cable with Sugru isn't effective and fun, it's that preventing damage in the first place is even better.
The cube itself is made of six pieces of ABS plastic that snap into place, covering your adapter's brick. The nice part is the extended tube of plastic that protects about the first inch of cable coming out of the brick. Since that's the spot where stress typically causes fraying, it's quite helpful.
I got a 3D-printed demo unit to play with and it's pretty neat. Far from the finished product, of course, but I can see how it protects the device. I'm not concerned with scratches on my AC adapter, but perhaps you are. The Meezy Cube will keep it scratch-free.
As of this writing, the project has a ways to go on Kickstarter and not a lot of time. Take a look at the Meezy Cube's page and consider backing.