While it still retains the life-prolonging properties of its parent elixir, it doesn’t keep any of the other properties. In particular, it does not prevent the mind or body of the person injected with it from decaying.
Newton administered it to Nostradamus in 1652, which kept the seer alive and also kept his prophetic gifts intact until Nostradamus took the Elixir of Immortality three hundred years later.
Nick Fury was seriously wounded in France during World War II. He was saved in part due to Professor Sternberg's Infinity Formula. Fury must be innoculated by the serum every year or he will age dramatically. Since Fury's first innoculation, the Colonel had to pay a blackmail price to Sternberg every year to acquire the serum.
The Infinity Formula substantially slowed his aging process, and Fury was thrust with a double edged sword: although his life was saved, the consequences of the Infinity Formula would haunt him throughout his life as he would see many friends age and die, as well as become the target of various villains seeking his secret. Dr. Sternberg himself was not immune to taking advantage of Fury's delicate situation, basically holding Fury's life for ransom starting in 1946, every year through 1976 by charging Fury a high fee for more of the serum. 
However, Steel Harris kills the Professor and now has the serum. He decides to blackmail Fury even further by making demands to become immersed in SHIELD and other National Security briefings. Nick finds Harris in Las Vegas and battles him and his minions. Even though the Colonel defeats Harris and his thugs, the future indeed looks bleak for Fury as he begins to incredibly age (from not recieving an innoculaton of the Infinity Formula). However, the timely intervention of Val de Fontaine saves the day. Fontaine had previously liberated the serum from its captors and innoculates Fury just in time to save his life.
It is seen being used on a chained Nostradamus, to ensure that he will live long enough to go insane due to a combination of immortality, imprisonment, and isolation.
Nick Fury's aging process was incredibly slowed by taking regular doses but now he doesn't take anymore and his son Nick Fury, Jr. inherited the effects.
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Links and References
- ↑ These events, culminating in the end of said extortion, were detailed in Marvel Spotlight #31 (Dec. 1976): "Assignment: The Infinity Formula," by writer Jim Starlin and artist Howard Chaykin. Fury's body soon started to produce the formula on its own... he gives transfusions to Dum Dum Dugan, to slow his aging too.