I've used it with complete success. But use the Hardy brand instead of Wonderboard and use the 1/2" stuff.
The trouble with using it is that it will still get very hot. It can take it, but it gets hot.
The absolute best thing I've found for the reflective surface is corrugated roofing in bright galvanized finish. Put this over the board with screws right through it. No standoffs are needed. I did this on the wall around my wood stove seven years ago and it works so well that I'm now doing it again in my new house. The wood stove can be at full temp less that a foot away and the metal will be at room temp. It's amazing.
I experimented on an older project, years ago, and looked for the most reflective surface. Brass, stainless, tile, bright paint, galvy, etc. Aluminum foil with the shiny side out worked very well, but it's impractical for interior finish use. Bright galvy corrugated roofing is durable and just as effective. It's cheap too at about 10 bux for a 6' X 2' piece. My new stove is going into a corner and there will be 5 pieces of metal behind it, with the middle one bent around the inside corner. They will simply be screwed directly to the wall.
The concrete board is really not needed with the metal, but often a fireproof material with an air gap is required by the inspector. Sheetrock is so flimsy and not waterproof, so a good solid fireproof wall is nice. I put two layers of 1/2" Hardy behind the roofing material and now think it was total overkill as it will never get warmer than room temp.