There is no doubt that Research resulting Publication goes a long way but if your research does not result in a publication or in other words, if your research project does not publish in time to help your residency application, it is not totally useless. The way research benefits you in the residency selection process is that it allows you to work closely with someone influential in the department who can advocate on your behalf in the selection process, either at their own institution (most helpful) or by talking to a friend at another institution (less helpful) or by writing you a great letter of recommendation (least helpful of the three).