Is there a place for dieties here? If so, what do you call what they do if not magic? How limited are they if they cannot grant divine power? Are they more involved becuase they are the only ones who can do anything like "Magic", or are they neutered and simply watch from their realms?
It matters little about the rest of the multiverse & planes if you have no way to get to them, short of dying. Without ressurection magic, no one comes back to tell the tales of the other places. So only one plane to play on.
unless you plan to add technology, travel is limited to the speed of horses. Therefore kingdoms are more isolated, communication, politics, etc is limited to more local places.
Do incorporial creatures exist? Are there undead and if so, what animates them?
With less monsters to fight, I could see more Humanoid on Humanoid combat opportunities increase as an alternative. Your players party can still encounter road bandits, tavern brawls, assassin guilds, bounty hunters, city guards, get into all sorts of trouble with groups of people of various kinds.
By removing magic, you're taking out many, many varieties of possible encounters and therefore are limiting options for imagination. The DM needs to work a little harder at keeping an interesting story and adventure going because he or she is painting the world with many less colors on the palet.
It's doable, but I personally wouldn't have as much fun playing it.