My experience has been more in-line with the Wendler quote that Matt posted.
I can pull a 5RM with good form doing touch-and-go (not bounce-and-go), but have a bit more trouble finishing the reps and keeping good form if I reset with each rep. So for me at least, touch-and-go does not necessarily equal poorer form.
However, this probably just means that my pull from the floor is weak and needs some work... So I guess I should probably be resetting each rep to avoid skirting my weaknesses.