It is entirely plausible that the broken sword was useful. It is also entirely plausible that the mere presence of Narsil had a powerful effect on the servants of Sauron. Intimidation can sometimes come in handy much more so than a tangible weapon.
Remember: the Nazgul's main power was the terror they struck in the hearts of men. Narsil, I believe, could be used to similar purposes by the good guys, re-forged or not.
(Forgive me if I am stating something really obvious: all of my books are currently sitting in my dorm room, under the careless eye of my careless roommate.)
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~The beginning is the word and the end is silence. And in between are all the stories. This is one of mine~
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