I would say shrapnel is an appropriate term. When I had my rim fail, it shattered into dozens of sharp, splintery pieces. Fortunately most of those were still attached to the hub by the spokes. This cushioned the fork on the way down, so it wasn't bent. It also kept most of the shrapnel from flying.
At the time I was really into trick riding and one of the best things I ever learned was how to fall. I laid the bike down on it's side and rolled off it which saved me from getting flung into the rim mess. It also saved the bike from doing an endo or worse.
I wish I had the post-crash picture of that bike to show the group just how nasty that rim looked.
Wood rims are still used by the vintage club and some people even ride centuries on them. I have been on quite a few vintage rides and rim failures are rare. But these are bikes that spend most of the time on display.
Mary Lanphier