After a bit of testing, this actually works and makes boss fights incredibly easy:
1: Have at least 36k hp as a wizard (I have 40k to be on the safe side)
2: Have Force Armor rune equipped (Why wouldn't you )
3: Find a protection shrine and save it to just before a nasty elite pack or boss fight
This allows you to survive for 10 hits, maybe more if you have loh or insane regen like me.
I stood toe to toe with diablo in inferno, only had to run out of bone cages and the fireball dot. You only take 10% of your max hp as damage, I'm not sure if this is working as intended but I doubt it. I don't think they meant for protection shrine to stack after the fact of force armor.
Enjoy =]