"Low magic" is a vague term. It can mean "low frequency" magic (i.e. magic is rare) or "low power" magic -- or both.
Best to use more precise terms: e.g. "rare magic" or "weak magic".
Like you, aurin777, I like "rare magic" campaigns, though not necessarily "weak magic" ones.
Vance's Lyonesse novels and Leiber's Nehwon stories are good examples of "rare magic" settings. In those settings, most towns do *not* have resident wizards, and most people do not interact with magic in their daily lives. But the few wizards who do exist, and survive over time, are noteworthy and powerful -- though their opportunity to use this power is checked by the fear of reprisals from other wizards.
That kind of approach makes for interesting games, I think.