According to Ray Daniels, "Carmelization occurs in the boil but to a limited extent in most cases..."
What I found very interesting is the list of "Flavors attributable to Maillard Browning reaction products," which include:
"Chocolate, Rye bread, Musty, Violets, Buttery, Burnt, Toasted, Fruity aromatic, Rose perfume, Rock candy, Caramel, Bready, Maple syrup, Burnt protein, and sweet"
He states that "...Maillard-reation products are the major source of color for beer..." But it is clear that he is mainly, though not exclusively, talking about kilning of the grain. He also says that formation of browning products is rapid at temperatures above 100*c.