My tickets rarely, if ever, have my name correctly on them. It is nearly always truncated.
It has literally never been an issue, and I suspect the agents are just used to this.
Lucky. The one time I flew when my ID didn't match my ticket (using an airline account that I forgot to update with my married name first) and it was a pretty big headache. I had to stand in the security line for about 15 extra minutes for them to verify that yes First Maidenlast was the same person as First Marriedlast. I made sure to get the situation fixed before my return flight.
Then you have to rely on the common sense of the person checking you.