If I install Ubuntu dual-boot on laptop that has recovery partition will it become useless the recovery option provided by the BIOS and accessibility of recovery partition?
Yes it may become useless if you install GRUB at the beginning of your hard disk (master boot record). (At least for my case, on a Dell XPS 15). The master boot record is the normal place for GRUB to be installed; Ubuntu's installer will almost always pick the MBR if you allow it to automatically choose. Sometimes, when GRUB's boot entries are created, it may detect your recovery partition as bootable, and create a menu entry for it, allow you to select it and enter it to perform (or attempt) recovery.
If install GRUB into some other partition and use windows boot loader to load ubuntu, possibly you won't loose access to the recovery. (I am not very sure as I don't know how the recovery button is implemented. It does vary manufacture to manufacture)
A bit advanced thing:
A windows recovery is nothing but a
Best option: Generally the preinstalled windows systems come with a special software that can create a recovery disc (DVD/USB). You can use these disc for recovery instead of the image in recovery partitoin.
Whatever you do first create recovery disc and/or copy the wim image somewhere else.
My recovery partition worked for me, even after I installed Ubuntu. My situation was similar to yours, so I think your recovery partition will probably work as well.
I have eMachines eM355 that comes by default with Win7 and a recovery partition. During last three months of usage (Ubuntu 12.04.1 LTS) I saw no problems. I even used Recovery partition for another install of Win7 because I got some nasty Trojan. Everything went fine. And even more, I don't really use Windows at all lately.
I'm just a newbie as I suppose you are, so maybe I'm missing something. I guess you should take this answer with a grain of salt.