With OpenWrap you can do something similar: you simply put the whole "wraps" folder on the ignore list for your version control system. After checkout, you simply issue the following command to download the dependencies:
o update-wrap
It's as simple as that. That is the way I personally always use openwrap: I never commit the dependencies into the version control system.
Are there drawbacks to this approach? No, but you have to take into account that the "update-wrap" command always fetches the most recent dependencies that satisfy your dependency requirements (you can specify both lower and upper limit for the version). This means that developer A might have more recent dependencies than developer B. In my case, this has never been a problem, and I even think that, during development, one should issue "update-wrap" from time to time to make sure that one is always developing against the most recent dependencies.
Btw, it is technically possible to integrate the call to "update-wrap" in the build, so that each build triggers an update of the dependencies. But personally, I never saw a need for that.