The idea of a low-magic fantasy setting seems a bit odd to me, in that the idea that the world we live in is low-magic strikes me as a very modern one. As far as I can tell at most times and places in our world, which has no magic at all, people nonetheless believed that the world was chock full of magic. It might have been hard to make use of reliably, though most superstitions seem to me to be every bit as formulaic as D&D wizard spells, but it lurked everywhere and you needed lots of protection against it.
I can kind of see wanting a setting where objective proof of the existence of magic is hard or impossible to come by if you want something that feels like our world. And I certainly get not wanting the solution to every problem to be just magic it away. But many (most?) low-magic settings I’ve seen in games take it much farther than that, to where hardly anybody even claims to do magic or have never encountered anything they regarded as supernatural, and that doesn’t quite feel right to me. To the modern mind the difference between natural and supernatural is obvious and complete: your cattle catching a disease vs. somebody levitating in front of your eyes are completely distinct kinds of phenomena. In a setting based on the pre-modern world I’m pretty sure that shouldn’t be true.
Tales of the Rambling Bumblers 