I'm not sure whether helmets really work, and just to be on the safe side I almost always wear one, but I seem to remember one European biking site -- possibly mentioned here in HN... I forget -- where the author argued that helmets are designed to crack so that it seems they work. But, he argued, whether they crack or not bears no relation to protecting from head injuries; the crack simply leaves you satisfied that the helmet "saved" your life.
The article seemed convincing. Sadly I cannot remember where I read it.