Most bubble wrap insulates poorly. Currents get created inside each bubble, and the heat is quickly transferred.
The big reason the Neo-Air folks can justify the cost of their pad is that they've managed to solve just this problem. The shape of their bubbles is pointy. This discourages the currents, and the heat transfers more slowly. It's not as great as something like down (which traps the air in place much better) but it is fairly warm for the weight (and doesn't have the moisture concerns of down). I'm not sure, but I seem to remember someone saying that one of the bubble wraps had decent heat retention (not as good as the Neo-Air, but better than the other bubble wraps). I would imagine the bubble wrap with tiny bubbles work better (you would probably need several layers to get much warmth).
In general though, I'm afraid the idea won't work too well. If you surround yourself with bubble wrap, you have condensation issues. The way to avoid any condensation is to get fresh air. That is how the tent works. So, you are right, adding insulation to the tent walls won't make the condensation worse, but it won't trap the warm air. The air that has to move to prevent condensation just comes in the opening and quickly replaces the stale air.
One possibility (which I thought of while writing this) is to create a tent with a heat exchanger. Heat exchangers are used in very well insulated homes. In such a home, their aren't enough holes in the walls, gaps in the doors, etc. to let in enough fresh air. If you open a window (the obvious solution) then you've ruined your nice, well insulated house. The solution is to force the air through a heat exchanger (basically, a maze shaped device that somewhat resembles a radiator) so that the air that comes into the house is warmed by the existing air. That way, you retain the heat, but get fresh air.
I'm not sure if your design will do that. I'm afraid the air will simply flow over the insulating layer, and thus not be warmed (or, if you slow it down enough to transfer warmth, increase condensation). I think you would have to design a tent with this in mind. Again, in a house, the heat exchanger manually forces the air. In a tent, you might be able to create a chimney effect (take advantage of the warm air escaping out of the top and the cold air entering the bottom) but I think that would be tricky.
In general though, I like this type of thinking. Insulation which does not breathe is cheap, light and has great potential for improvement. For the most part, this has been applied to the pad (since it doesn't need to breathe) which is why the NeoAir is the hot product of the year. However, by re-thinking the shelter itself, this type of approach can be expanded. Unlike the pad, other insulation doesn't have to be durable.