If you ask for a "weal or woe" on a possible immediately upcoming action, Augury spells and abilities work exactly as specified in the rules. This includes the time limit – weal or woe that happens more than 30 minutes after the casting doesn't show up. If you ask a general question and make the roll, the DM may give some piece of information as an answer as he likes; this will generally be more for RP and not something immediately useful.
There is a general belief among the Ulfen that very smart or wise people can see the future (so probably some of them can.)
There is also a strong belief in fate, meaning that they are very willing to go against an augury or prophecy if that is what they were planning to do anyway, on the basis of "this may be stupid, and it may kill us all – the Skald has cast the bones and they say it will – but this is my fate". Other Ulfen are very impressed by this sort of thing.