That's what I used to think but he swears that you put electrolyte back in. I did that four months ago and have not had any problems. At least not yet.
It may not hurt things doing it once or twice, but continually adding electrolyte would increase the concentration of the acid.
I generally abuse my batteries by neglect. When I finally checked the level in the OEM battery in my 06 Conc, there was about 3/4" of liquid in the bottom of all the cells.
The battery was still turning the bike over, but I had noticed it seemed a little sluggish if I let it sit for a few days. I refilled with distilled water, charged overnight, and put it back in. Next time I checked it, (probably more than a year later) it was down to about the same level.
Again refilled, charged, and reinstalled. This spring, 2011, I replaced it with a sealed AGM battery. I topped off with water again, (wasn't as low, but was well under 1/2 full) recharged, and installed it in my generator.
If I had done that with electrolyte, the acid concentration would have been really high.