If you keep the lid on, the DMS driven off during the boil will condense with the evaporated water on the inside of the lid and drip back into the wort. Also, a covered pot will very easily boil over if the pot is mostly full.
That said, I leave my lid covering about 2/3 of the pot during the boil to keep enough heat in the pot to keep it at a rolling boil (I boil 6 1/2 gallons on an electric stove), but this lets steam out. In this case it's a compromise, but I haven't noticed any DMS off-flavors from doing this.
You will have boil off, which you have to compensate for by either topping up after the boil or starting with a greater volume of diluted wort than your expected final volume. I get about one gallon boil-off over the course of an hour in my pot.