The formalism based on correlated basis functions and the cluster expansion technique has been recently employed to derive an effective interaction from a realistic nuclear hamiltonian. To gauge the reliability of this scheme, we perform a systematic comparison between the results of its application to the Fermi hard-sphere system and the predictions obtained from low-density expansions, as well as from other many-body techniques. The analysis of a variety of properties, including the ground state energy, the effective mass and the momentum distribution, shows that the effective interaction approach is quite accurate, thus suggesting that it may be employed to achieve a consistent description of the structure and dynamics of nuclear matter in the density region relevant to astrophysical applications.