This should depend on the oil pan capacity. Being at the low range of normal in a 7.3 diesel, Porsche or Mercedes is different then being a quart low in a car that holds less than 4 quarts. Oil absorbs a lot of heat, so if you are low on oil mass, you will drastically overheat the remaining oil. Keep smaller engines / lower capacity engines topped up. Larger you can let go, but I don't. If you are consuming that much oil (I had a ford 302 that drank a quart of straight 40 weight every other tank of gas)the oil is dealing with a whole lot of fuel, acid and carbon. Make up oil keeps the additives available to do their job. It isn't wasteful to keep it topped up in that case if you still plan on using the engine for a while.