This came about as a recent conversation I had with my friend SHARK and some other friends of mine about the nature of high magic in games and my distate for WotC's emasculation of the Haste spell in 3.5.
"Emasculating" a powerful spell hardly shifts D&D from "high" magic to "low" magic though; it just makes that spell (Haste) less common and alternative spells (of that level) more common.
I don't know why some DM's fear magic so much.
Because it creates a world that doesn't make sense, where characters don't have to go through B, C, D, etc. to get from A to Z, where walls don't keep out intruders, where voyages aren't necessary, where investigation means casting a single spell, etc.
It's hard to create a coherent story in a high-magic world. It's a lot of work, and if you overlook something, the adventure might be over before it starts.
(If, on the other hand, you don't introduce spells like fly, teleport, etc. and just bump up the numbers -- Giants with 10 levels of Fighter, +5 swords everywhere -- then you haven't changed the game much; you've just increased the math.)
I don't go to work for 8 hours a day, 5 days a week so that on the weekend I can get together with my friends and die because a kobold criticalled my PC.
And what does that have to do with "high" versus "low" magic?
As my friend, SHARK put it so eloquently, "I don't play D&D to struggle for a +1 sword. $%^# that!! I play D&D so my character can wield that +5 Vorpal Holy Avenger!!"
Here's why I think "high" and "low" belong in quotes. Many people in favor of "low" magic don't want
weak magic; they want
rare magic. They want magic to feel
magical. They don't want magic to ever feel mundane.
A +1 sword isn't very magical -- it simply doesn't confer much advantage to its wielder -- and running across dozens of such +1 swords doesn't add to their mystique either. Expecting to upgrade to a +2 sword, then a +3 sword, then a +4 sword
really kills the mystique.
Similarly, owning dozens of +2 to something-or-other items is boring. Casting dozens of spells every morning to get +2 to everything is boring.
A +5 Vorpal Holy Avenger can fit into a "low" magic game if its
the +5 Vorpal Holy Avenger, wielded by so-and-so against the demon-lord what's-his-name, etc. If you can simply save your pennies and buy one, it's not so magical.