I won't answer 5'% of the quality because that's not the answer!
The quality slider affects the amount of compression used in creating a JPG. More compression (closer to zero on the Quality scale) implies lower quality (more artifacts), less compression (closer to 1'' on the quality scale) implies higher quality (few artifacts). The scale is non-linear, so if you selected ', you wouldn't get a file that is compressed down to nothing (although it is probably so compressed that you wouldn't like it), and if you select 1'' you get a file that is most likely going to be larger than the JPG original (if you started with JPG originals), but even at 1'', there is still some compression and artifacts, most likely invisible to the human eye.
The practical impact of this isn't particularly damaging in LR, but in other photographic editors, repeated opening and saving of a JPG photograph continually causes compression and artifacts, which build upon each other and accumulate. So repeated opening and saving of a JPG is a no-no. LR normally doesn't do repeated opening and saving.