It is an interesting question, because even if you are changing out the same volume of water, you are not changing out the same volume of "old water."
Let's use easily divisible numbers... 5 gallons per week vs. 20 gallons per month on an 100 gallon tank.
With one 20 gallon change, you are doing 20% of the overall volume of the tank and all 20 gallons coming out is at least 1 month old.
With 4 x 5 gallon changes per month...
1st change: 5 gallons old water out
2nd change: 4.75 gallons old water out (5% of the total volume comes back out), .25 gallons 1-week old water out
3rd change: 4.7375 gallons old water, .25 gal 1 week old water, .0125 gallons 2 week old water out
2rd change: 4.736 gallons old water, .25 gal 1 week old water, .0125 gallons 2 week old water, .000625 gallons 3 week old water
So, in the course of a month you are changing 19.22 gallons of 4+ week old water and re-changing .77 gallons of water that is relatively new.
I wouldn't lose sleep over that.
Tank stability is the issue here and if your tank can be more stable with smaller weekly water changes, then by all means do them, you'll just have to accept that you are "wasting" some small amount of "good" water when you do so.
Personally, I've had better runs of luck when I've been doing less in the area of water changes, possibly because the way that people traditionally do water changes really does anything but keep the tank stable. Even if you're really careful, as long as you are siphoning off a reasonable percentage of your water when you do a water change and then relatively quickly dumping all of that water back in... you're probably causing a significant change in water temperature and water chemistry all taking place in less than an hour.
I have never seen a fully automatic and slow method of doing water changes that didn't scare the hell out of me in terms of flooding issues... but I think such a product would be an incredibly good thing for most tanks, especially smaller ones where a larger % volume automated water change might be an easier and still economical way of achieving stability than trying to dose in small volumes (where small errors in measurement have big effects).