Around here (France) most tiled showers are done with waterproof drywall. There are a few caveats, and it needs to be done properly, but it tends to just work fine. For some reason cement board isn't popular.
I've used the elements board you link. It isn't 100% waterproof, because the foam is open-cell, but it sure is water resistant. It comes in various thicknesses.
They're made of open cell foam with a layer of fiberglass reinforced cement on both sides. The thinner ones cannot be used like drywall on studs because they're quite flimsy, so they need support. Foam isn't the strongest material... They're meant to be glued to an existing wall with thinset. This can be useful to make the wall flat and waterproof before laying the tile. They're also insulating, which is nice for a shower if the wall is not well insulated and cold in winter.
The thicker ones are must stronger and can be used as a more expensive but easier to work with alternative to drywall or ytong blocks.
The flimsiness of the thin panels can be used as an advantage to make curved surfaces, but this needs very small tiles or mosaic. I used it to make a conical slope in a walk-in shower with the drain in the center, and due to the insulating properties the floor gets warm very quickly.
However it still has corners which needs to be treated properly, just like drywall, with waterproof compound and moisture barrier. If you don't do the corners properly, or if the structure it's installed on moves and cracks the corners... or if there isn't enough studs and the wall bends when someone leans on it, cracking the grout... you'll be in trouble no matter what the material is.
If you want something fancy and new, that's actually useful, try epoxy grout instead.