As already state, chilling the wort is the main concern with a full boil. I've done many a partial boil on the stove top and they work fine. I usually try to start with about three gallons of water and end up with about 2 1/2 gallons of wort at the end of the boil. Hop utilization is an issue, but not really a deal breaker. I tend to add half my extract early and the other half in the last ten mintues. In essence, that's giving me a wort gravity during the bulk of the boil that would be consistent with a full five gallon boil. So, I don't worry about it.
Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience. - C. S. Lewis, English essayist & juvenile novelist (1898 - 1963)