I think it is restrictions that make magic feel magical; the odd little rules, the lacunae. For example, in Wheel of Time* you can make a bridge with the one power and then walk over it, but it has a very limited length (I forget the exact figure, but I think it was about 15 feet). Try to take a single step beyond that, and the whole thing collapses, because beyond that counts as flying and magical flight is impossible (or at least a whole lot more difficult). IIRC they never actually refer to The One Power as magic, but it feels magical to me, because of things like that.
Which I guess is why I like vancian magic, and was saddened when 5e ditched it (although I do like other kinds of magic as well - including AE/5e-style readying).
(* The books - I am pretty sure it has not come up in the TV series yet....)