I did a quick drawing for you. You can see that the mount for the hub on the spindle on the right is 1 inch higher.Thus the car would be lowered 1 inch. Still maintaining all the proper geometry (within reason) as the stock spindle.
The same goes for a "raised spindle" it goes the other way and raises the car because the wheel is lowered in relation with car.
edit: LOL, I miss counted, I thought it looked like more than one "inch", it's two. I counted just now on the photo and the right is at 16 not 15.