So this really leaves us with two choices. Nerf magic to the point that it's balanced against someone shackled by reality is the first option. I'd suggest basically halving caster progression for a start, so that 5th/6th level spells are what you're casting at 20th level. Alternately if magic is to remain powerful it needs to be risky/slow.
Actually, I've been thinking lately that could be a viable idea, you just have to put what really counts on the line: control of your character. If wizards risk insanity (loss of the character as you become a mad recluse or lich or something) and warlocks risk their souls (becoming pawns of diabolic forces) and Sorcerers risk transformation into an inhuman something from their bloodline (becoming a monster, no longer under the players control), then spells can be powerful, because you won't dare use them often - daily limit or no.
Alternately, magic could be shackled by reality - that is, it isn't real, it's all tricks, poorly-understood chemistry experiments, mass hysteria, grain ergot, and bluff - or, maybe at the outside, illusions.
Alternately, we make the martial characters the equivalent of their magical peers through superhuman stunts. Since the genie is out of the bottle in terms of magic power, we need to elevate martial characters up there in utility and awesomeness. .
Or meet somewhere in the middle: nerf magic down to genre levels and pull non-magical characters up to genre levels.
I am not talking about sorcerers. I was commenting on the sentiment that the D&D fighter should totally do Thor stunts.
What I am saying is: D&D is not a supers game - expecting a fighter to pull off supers stunts sets you up for disappointment.
Yet expecting a caster to pull off supers stunts (as long as you don't mind being able to pull off a lot more besides) is OK. That's an issue, and one directly related to the topic of this thread, too.