I really like covering the cake board with fondant however it can get expensive as fondant isn't that cheap to buy!
There are a couple of ways to do it. I like to lightly brush the board with light corn syrup (others like water or vodka), and I mean lightly. Roll out your fondant to the size you need and apply it from one side to the other trying to smooth it out as you apply it. I then trim the exess away like I would from a pie, using a sharp knife I hold the board up and follow the edge with the knife. Then use your fondant smoother and smooth away. If you have any air bubbles use a straight pin and gently poke a hole on an angle and gently smooth the air out. Let it harden a little before you apply the cake and other items so you don't mar the surface.
Another way is to put your cake on the board and cover it with your fondant but also cover the board at the same time. This actually uses less fondant so it's a little cheaper than the previous method.
Also, I find it easier to cover cake drums verus cake boards. The drums are thicker and easier to do than the thinner cake boards.
Hope this helps a little bit!
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