Zak-
In my experience, LME can produce a fine beer. If you brew using a partial boil, I would recommend boiling half of the LME for the full 60 minutes (after steeping) with the bittering hops. You can add the remaining half at flameout. LME really doesn't need to be boiled and the hot wort will sanitize it just fine.
1) While you are steeping, heat the LME container in some hot (not boiling water) to help it flow more easily. This stuff is as thick as molasses.
2) Add half to the steeping liquor and stir well to prevent it from dropping to the bottom of the kettle. (+1 to agold above.)
3) Bring to a boil and hop according to the schedule.
4) At the 60 minute mark, turn off the heat and add the remainder of the LME., stirring to mix well.
You can read a lot about the benefits of this late extract addition with a quick search. It's not a necessity, but I have found it gives a lighter color, cleaner tasting beer.
Cheers!