I've recently switched from full-volume 1-hour boils to making a more concentrated wort, boiling 30 mins, and topping up with ice water. I haven't noticed any change in quality.
Advantages - smaller boil vessel can be used, quicker to heat, less fuel for boil, paler beer after shorter boil, much quicker chilling, precise control of OG through dilution, shorter brew day.
Disadvantages - more bittering hops needed for shorter boil and to compensate for lower utilisation in the more concentrated wort; slightly lower efficiency if you do no-sparge brews, as I do.