For me, it's not really about "low magic" as much as it's about "low loot." I think that applies to my player and DMing mentalities. I'll give some examples.
The paladin I've been playing for the past two years has never garnered a plethora of magic items. This is due in part to the nature of the game world (the chance to "loot" comes up rarely) and the nature of the character. He's had the same
+1 cold iron longsword since 5th level which recently became a
+2 holy cold iron longsword. He's now 12th level, just got his mount,
+2 full plate, and a masterwork steel shield. His mount is heavily barded, which probably puts him right around the average monetary value for his level. But it's been pretty slim pickings up to this point. My DM has a problem rationalizing valuabe loot in every single encounter, a problem with which I can empathize and commiserate. But I believe he's made adjustments to his game to alleviate the problems low loot can bring.
DMing a game of
Monte Cook's Arcana Unearthed, I recently gave my players a bunch of items that somehow related to their characters. Some of these were minorly magical, some were not. But due to the relationships of True Names in AU, my players will be given the chance to upgrade these items by learning its True Name. Rather than throwing in a new
+2 keen rapier for our Unfettered, I'd rather give the character the opportunity to have the weapon grow as he grows. By adjusting the amount of loot I give out, I can give my players 3 or 4 items each that become part of their characters and learn as they learn, and grow as they grow. I think it adds a level of identity to each character. Everyone can be an Arthur with Excalibur, or Aragorn with Anduril, and so on.
I think these ideas are related to the "low magic" setting we often see and hear about (and in some cases, play in). DMs in low magic games want their characters to stand out, to be a cut above the rest, just like in the novels and movies. You never saw Gandalf running around with a huge backpack and a horde of scrolls, ioun stones, a headband, brooches, cloaks, gloves, belts, and so forth. He had his hat, his robes, his staff, and Glamdring. Everything he did he did with those items and his wits.
There's a packrat mentality in 3.x that makes traditional fantasy just plain strange. I think DMs try and alleviate that strangeness, focus on characters, and steer clear of "the warg cave with 2d4x100 gold pieces, 1d3 minor magical items, and 2d4 pieces of valuable artwork." Unfortunately, DnD is balanced with the idea that characters have lots of items and wealth at their disposal. Remove this and balance is gone: BAB quickly outstrips AC, characters cannot damage high-level foes, spellcasters outstrip everyone in power, skill checks become difficult to impossible, and so on.
If these factors aren't taken into consideration, low magic games can go horribly awry. Making a campaign into a low magic game isn't a minor design note; it requires a serious overhaul of the system. That's where the problems seem to come from. I wouldn't say low magic is any better or worse than standard 3.x. If anything, it's just more work that moves the game further and further from the core rules.
Read the world building articles over at
Giant in the Playground. They do an excellent job of not only detailing world-building, but showing the thought process that went from a "low magic game" to a "radically different game." Also, check out Joshua Dyal's campaign setting. I've only read the website, but it seems like he put a lot of work and effort into creating a setting with very little magic but a high fantasy feel.
So, to answer your question, I'm not really a low magic player. I consider myself a DnD player, and I've done my best to understand how the core rules mesh together to create 3.x. That includes the premise "PC power comes from magic items." But I've played in low magic games and I understand the appeal. I would enjoy both running and playing one. However, I think it requires a lot of work to properly balance a low magic setting, and you may not find yourself playing DnD after you're done.