For any resonant circuit (which would include an antenna loop + tuning capacitor) "Q" is a relative indicator of damping: high-Q resonant circuits will sustain oscillations longer than lower-Q circuits. For most applications where is is desirable to pick one frequency out of many (i.e., a radio front end) high Q is more desirable than lower Q.
"Q" refers to the figure of merit, or effency of something. In the case of a coil, it is the AC impedance divided by the DC resistance. In a tuned circuit, the higher the Q, the narrower the bandwidth.
Lewis