I don't know ... der be a whole how too section on wall installation of 1/4" on der manufacture's site.
http://www.jameshardie.com/homeowner...rterInch.shtml
The 1/4" has 7000psi vs. their 1/2" which has 6500psi compressive strength.
Quote from the Hardie FAQ:
Can Hardie 1/4" board be used in a shower wall application? Is a vapor barrier required?
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Yes, HardieBacker 1/4'' cement board may be used in a shower. However, we recommend HardieBacker 500 if you need to make a smooth transition to drywall. The board must be mechanically fastened every 8'' on center to the wood or metal studs spaced a maximum of 16'' on center. A vapor barrier is needed if required by local building codes.
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Having worked with both, the 1/4" felt denser, and more highly compressed, but the 1/2" is definately more ridgid.