Any reduction in the edge surface area and perfect fit reduces the strength. I imagine that if you get a perfect match all around the insert (full contact), there would be no reduction in strength, but full contact is not likely because each biscuit would require 3 contact surfaces on each board. Nonetheless, everything that I have read indicates that the strength of a perfectly flat contact is equal to or superior to any other surface with splines, dowels, biscuits, etc. That said, the difference in strength will never make any difference for most cabinet or other home type woodwork.