Pediatrican Medical Journal outlines some benefits

A systematic review article of swaddling was published in the medical journal: Pediatrics.
The journal reviewed the studies that monitored the impact of swaddling newborns and it's effect on temperature.

It summarizes that...

there is evidence that swaddling can be favorable for temperature control, but there is a risk for hyperthermia when misapplied. 

Source:
http://pediatrics.aappublications.org/content/120/4/e1097.long