Well, I've never used pond armor, but you're right, the manufacturers do recommend that you use cement board inside your plywood (not actual cement). The problem like I said with concrete is that it's... well it's a crap material unless it's used properly. Cement board (Or Hardi-Board) is made with a special process so it doesn't crumble - and even so it can be crumbly if you're not careful.
Having never worked with pond armor, I feel a bit off saying this, but it strikes me as a crap product. It appears difficult to use, it's expensive, it's too thick to soak into anything or spread easily, too thick to use with conventional fabric reinforcements, it can't be sprayed, blah blah blah. For the same price you could use polyester or epoxy (both of which bond very well to anything remotely porous) and top coat with sweet water if you want to use a product guaranteed to be fish safe, or even just do what I've done in the past and say 'the hell with it' and not bother top coating (which has worked out fine). Having said all that, everyone who's used it seems happy with their customer support and whatnot, even when they've had significant technical difficulties getting it to work the way they want.
Having never worked with pond armor, I feel a bit off saying this, but it strikes me as a crap product. It appears difficult to use, it's expensive, it's too thick to soak into anything or spread easily, too thick to use with conventional fabric reinforcements, it can't be sprayed, blah blah blah. For the same price you could use polyester or epoxy (both of which bond very well to anything remotely porous) and top coat with sweet water if you want to use a product guaranteed to be fish safe, or even just do what I've done in the past and say 'the hell with it' and not bother top coating (which has worked out fine). Having said all that, everyone who's used it seems happy with their customer support and whatnot, even when they've had significant technical difficulties getting it to work the way they want.