Monsters
Warriors, usually good
Sorcerers, usually evil
Wise old mentor (who may or may not be a wizard)
Magic, which can go either way depending on the setting, the author, and the context
"The previous age was SO much better."
Pre-Industrial era
Castles
Ruins/lost cities of elder days
Prophecy
Gods/mysticism are real, palpable things with explicit physical form or effects
Elves, dwarves, giants, fey (high fantasy)
Survivors or enclaves of variant proto-human races such as neanderthals or all-but-wiped-out pre-human species such as dinosaur-men living in remote areas or secretly among civilization (sword and sorcery)
From here, the distinction between "high fantasy" vs. "sword and sorcery" are largely ones of degree. "High fantasy" tends to be a bit more clear cut about the roles of good vs. evil, a bit more fantastical in the magic elements (e.g., "dragons" and "chimerae" vs. "humongous snakes" and "killer apes"), and a bit more optimistic in tone ("the Dark Lord is slain and they all live happily ever after" vs. "the army was wiped out, but Conan survived and fled to Hyrkania").
I'm sure there's more, but that's what comes to mind quickly.
-The Gneech
