I'd rather be slightly over-filled. The dipsticks on cars are not extremely accurate measuring tools, so there would be some lee-way either way. But I would definitely just feel better knowing there was more than adequate oil in the system as compared to not enough. I doubt the crank aeration thing is an issue with up to 1/2 qt extra in most cars (some with very small sumps maybe). But maybe 1/2 qt low could starve the engine for oil during hard cornering. My '78 Camaro's oil light always came on when cornering hard if I was at the low end of the dipstick range. If I had it to the very full mark, it wouldn't. I doubt that would be an issue in more moden cars with proper baffling, though.
OriginHacker21,
To be as accurate as possible when checking your oil, it must be done under the same conditions each time. Check the owner's manual for specifics, but usually oil is checked when hot but after the engine has been turned off for 5-10 minutes. I think what you may be doing is checking oil level cold after an oil change, seeing that the specified amount from the book isn't getting it to the full mark, and then adding some more cold oil. Then when you check it some time later when the oil is hot, it has expanded and shows over-full.
Or you could be checking the oil too soon after adding oil during a change. The oil you just added hasn't made it down to the pan, so the dipstick shows low. Adding some more gets it to come up (but it's still some of the original oil that is on its way down to the pan. What you just added hasn't made it there, yet.), and you feel satisfied you have the proper amount. But you may have indeed over-filled it.
For checking oil, I do it the same each time. I add just under specified amount of oil (my car calls for 4 1/4 qts with filter, so I add 4). Just under because I'm quite certain atleast 1/4 qt is still in my engine somewhere from not draining. Then I go for a drive, return, park on very level ground, and shut the engine off. After 10 minutes, I check the level. It is dead on the top line of my dipstick. And I would guess it is still slightly overfilled, but easily within the margin of error of the dipstick.
Double check your owner's manual, because it may have a specified amount of time you must wait for the oil to drain back to the pan in order to get an accurate measurement. It'll also specify if it should be checked hot (probably, I've never seen a car manufacturer recommend checking cold).
Dave