Worthless now, I imagine, how long has it been since the murder? How many people have handled it and how has it been stored?
From a legal point of view, it is worthless—O.J. was acquitted, and therefore no matter what evidence surfaces can never be held for the murder. On the other hand, if it turns out to be the murder weapon, the police, the D.A. will at least know for sure that he did it and hopefully learn how not to blow the next big celebrity case.
The murders were in June 1994.
The murder trial ended Oct. 1995 and the civil suit ended Feb. 1997.
The house was torn down in June 1998.
The dirty cop kept the knife for nearly 18 years.
http://www.cnn.com/US/9807/29/briefs/oj.house.gone/
It doesn't matter at this point if it was in pristine condition with a bulletproof chain of custody - double jeopardy has attached. But it you find the victim's DNA on that knife it does pretty much confirm what everyone already knows.
It would be nice if it proved for sure what everyone already knows. Unfortunately, OJ probably cannot be tried again for murder as double jeopardy prevents that unless the prosecutor held back some charge and the statute of limitations doesn't prevent a trial on that new charge.