Depends on the style, I guess. I recently made a BelinerWiesse that had a 15m boil.
Two things you will lose for sure:
1) Bitterness - not as much AA will be extracted from your bittering hops, so your IBUs will drop
2) Color - you wort will not 'caramelize' as much. The color will not be as deep, and flavor might be affect a bit
One major item to account for:
Your wort won't be as concentrated, so your OG could be significant affected if you don't account for the shorter boil time.
If you are looking for bigger hop flavor and aroma, I'd suggest testing late hop additions. Great article here:
http://www.mrmalty.com/late_hopping.htm
I recently made the Evil Dead Red and it is awesome.