Digital photography

Probably not but -1/3 EV usually produces more natural exposures on the rebel bodies due to quirky metering. Its better to have it a bit over than under though, as you'll introduce noise when you start lifting shadows.
Doing the opposite actually reduces noise.

Of course Well it is has pointed out the problem with dynamic range and shadows, you will likely clip the shadows underexposing so when you raise the exposure in lightroom they will still be black.

It still works very well as a technique because Lightroom has superb noise reduction algorithms. You can go up to three stops underexposed which makes a huge difference shooting at night. The other problem with exposure metering at night is the camera trying to make the picture a certain brightness when you are trying to capture the night time feeling.

It's very useful for high contrast black and white applications.