I've never seen it hurt a thing. It won't wear the clutch packs anymore than upshifting will, at least on new cars. Obviously, there's some additional wear, since it's another shift, but unless you do it just all the time, it's not going to be a significant difference on most transmissions. Not like it's going to halve the life of the transmission.
Even on old non-electric transmissions, and I'll preface this by saying my experience with these are mostly with GM trannys like the Turbo 350 and 400, they wouldn't shift from Drive/3rd to Low/1st until you were slow enough for it not to make you lose control.
You can drive any car with one of those transmissions and run down the highway, drop it to Low and it'll go into Second...but not Low. If it did drop to Low at highway speeds, you'd either lock the drive tires up, or over-rev the engine.
In fact, they will actually upshift on their own if you run them too fast in Low, with the shifter still in the Low position.