I can't see any advantage to being a quart low. But the disadvantages could be potential or actual. If you began losing oil for any reason, you are already a quart 'behind the curve'. Also, with less oil being in the system it will tend to become dirtier faster, simply because there is less volume of it in circulation.
OTOH, there is no known advantage to overfilling, either. You can't go wrong by keeping it full, or at least between the full and low marks.