I have wondered about pips and buds showing in winter. I have one tree peony left, a nice 5 year old one about 12" tall. It had buds and such on it last year. Well, either that or leaves all folded up. Not sure how to tell the difference. My herbaceous have buds coming from the ground in the late fall and they seem to do just fine the next spring. I don't cover anything anymore since the mouse invasion except my large (well, for me large 4' by 4') rhody. I am so afraid I will set up another 'home away from home' for those dratted mice if I make any sort of comfy cover I just figure the odds are better to just let the plants that will survive do so on their own. Not to say that there isn't some cost to that in terms of blooms.