Cecil already did this one, gang: You’ll put your eye out: Can the human eyeball be knocked out of the head? - The Straight Dope
As you’ll note, it defines two types of global dislocation:
The luxation, where it has popped out far enough for the eyelids to close behind it instead of in front of it. This has a better prognosis, as the retinal vein and artery is less likely to be torn, along with the optic nerve.
The avulsion, where the globe has been forced out far enough to significantly damage the artery, vein, nerve, and other supporting structures. Return to useful function is less likely here.
Retinal detachment is not inevitable, nor is it even all that likely in the lesser luxation. And as long as the optic nerve is functioning, and the retina is intact, the eye will continue to transmit signals to the brain.
However, the image transmitted with be from a non-usual vantage point, the tracking muscles of the eyes (and most likely the accomodation muscles of the lens) will not function so well due to traumatic swelling.
Even so, in many cases, the luxated eye should be able to transmit more than just light and dark. Colors should still be visible, and basic shapes still distinguished.
However, it’s not an area where a lot of testing has been done. Most study subjects with global dislocations are in no mood to take visual acuity tests. The few that I’ve seen weren’t interested in answering too many questions at all.