I broke my olecranon in July 09 crashing. Blew the ball off and fractured the bone in a couple of places. Also fractured a rib, which led to a collapsed lung.
I had a plate and five screw put in the day after. Then 4 weeks in plaster, followed by three months or more of physio to get movement back.
I could only bend my arm about 30 degrees at first! But now I can fully bend my arm but am probably 5 degrees off fully straightening it and can't lock the arm out. I also get some arthritic pain now and again, excruciating pain if I knock it.
I've been back on the bike since around March, on and off road. No real problems, it's just weak and I can't lean on the metalwork. The skin is also very sensitive.
Just got back from the hospital and the metalwork is being taken out in October. Its not completely necessary, but is a good idea in case I break it again. I'll be off the bike for a month whilst the bone fills the holes.
It has taken some time to heal but doesn't really impact on me now. Well, apart from being slightly more cautious on descents. Kielder 100 will be the real test.
Good luck