That sounds right, it will let you use it but it is much, much, much slower. Then again, if you're not backing up hundreds of mb's or gb's it's still not that bad...
As for precautionary measures, I would suggest getting a new computer or at least new RAM/HDD.
I had a strange intermittent blue screen problem a couple of years back which I couldn't for the life of me isolate. As a last resort, I found a free online tool from microsoft.com which creates a boot floppy disk to check your RAM before your computer even starts booting and does all sorts of fancy checks on your RAM and tells you if there are any problems. To my surprise, there were quite a few errors popping up!
Changed the RAM which is cheap, then while putting things back together again, noticed the fan wasn't working on the back of the machine! Turns out, fan stopped working, memory probably overheated, and fried? I'm just guessing there, but highly likely. Sometimes one small $10 problem like a fan, can cause more, and so on.
So, I got myself a new fan as well. For around $100 pc went for another 2 years without a glitch
Hope it doesn't happen again - you should probably talk to someone about getting a new hdd at least... if the chkdsk fixed it... it's pretty much a hdd problem??