1 Corinthians 15:17

And if Christ be not raised, your faith is vain; ye are yet in your sins (KJV)

Then: Here are two depressing consequences of Christ not being raised - no one is forgiven and faith is useless. The Corinthians and everyone else are still under the law and God still condemns them. These are intertwined results with neither being more important than the other. In looking at the value of belief from the opposite point of view, Thiselton's (p. 1220) discussion notes that a peson's faith has nothing to do with the actuality of the truth. It has no power at all. As Christ said, all power and authority resides in him (Matt.28:18). Whether the Corinthians believed or didn't believe, If Christ was not raised then that truth made everything else useless.

Now: Without the resurrection, we are also still condemned. No escape has been provided. There is no hope, nor joy. The agent of change was crucified in vain. Faith in Christ is grounded in nothing. Like the Corinthians, our faith or lack of it has no effect on that which is truth. It neither nullifies or verifies. Faith can only recognize, accept and align with truth.

Extra source: The First Epistle to the Corinthians: a commentary on the Greek text by Anthony C. Thiselton (Authentic Media, c2000) online at http://books.google.com/books?id=IHG_DNLpmroC&dq=1st+Corinthian+commentaries&printsec=frontcover&source=in&hl=en&ei=W9fQSpC1GILplAfHiumoCg&sa=X&oi=book_result&ct=result&resnum=11&ved=0CB8Q6AEwCg#v=onepage&q=&f=false