As far as I remember, whenever a nacelle was shot, ships could still go to warp, just not top-speed and with far more power-consumption. I think something like this was stated by Geordie and shown when the Enterprise was busted. Either in the Gambit-double episode (when Picard and Riker go undercover to some pirate) or that one Marquis series (with Ro Laren abandoning the Federation and Riker).
What now follows is a mix of in-universe evidence, OCC lines that belong to the producers and my personal opinion and understanding of these.
What I found interesting is, that every 1-nacelle ship is considered an escort, destroyer, perimeter-defender, etc. Basically a ship that does not go on extended missions far away but always stays close to a planet, starbase, system. Not only by fans (RPGs or whatever), but even by the Producers. Berman once stated that he wanted the Freedom (Wolf 359, the first 1-nacelle ship) to be just a perimeter-ship and essentially as weak as the Grissom against Kruge (aka cannonfodder). Well, he also wanted to have at least 5 of those visible in the graveyyard scene to show that they were the mainstay of a defence force. I draw the conclusion, that 1-nacelle ships, while capable of warp, are designed for short-range missions. This would be supported by the fact that 1 nacelle results in higher consumption and no top-speed, thus shorter range.
3-Nacelles are, according to Roddenberry, impossible. Well, AGT had a 3-nacelle Enterprise. BUT! According to Roddenberry, Warp 10 was impossible as well, and the AGT-Enterprise could go Warp 15. So, my thought is that a third nacelle can give more layers of the warp-field, and therefore a better speed. Trouble here: Warp 15 would still be beyond Transwarp-barrier. My solution: They either rewrote the entire warp-charts (popssible, given the charts were rewritten once, TOS to TNG), or agreed that Warp 10 is not the transwarp-barrier, but just a threshold, where you can jump either into transwarp (wormhole-like conducts), or immerse deeper into subspace (remain in warp-flgith). What the difference is, don't know, don't care. I don't like the idea of Slipstream, Transwarp or any such things for Starfleet anyway...
4-Nacelles or any multitude of 2, is, in my eyes just a way to ensure stability and ease the stress. Look at the Prometheus. It had 4 nacelles constantly work and technically even 6 (the 2 on the saucer were submersed in joined mode) and I recall either a Romulan or the EMH saying that the Prometheus was advanced enough to have a stable warp field on cruising speed far beyond the cruising speed of Voyager or any other ship (and subsequently, the top-speed was also far higher, thus the danger of the ship escaping the pursuing Federation ships).