R.T. said:
I don't like over-powered magic very much, but I dislike low-magic settings as well. Finding a magical item should be like unwrapping a birthday gift: not every day, and you're usually very happy with it.
Aha! And HERE we have one reason why magic tends to accumulate in D&D to a much greater degree than in novels or other literature. Let's say you receive a birthday gift every year. At a guess, I'll say that at minimum, you've had at least 20 birthdays. You may well have more, but let's just say you have at least 20 birthdays behind you, and thus you have at least 20 birthday gifts.
Now suppose you never threw away those gifts but accumulated them. (You may well even have a big pile of junk in the basement, consisting of all the gifts you've never thrown away.) You're going to have a lot of gifts, aren't you?
Now suppose all those gifts were magic items. Hey presto, you've just accumulated 20 magic items, even though each one was, as you described it, a "birthday gift". And 20 magic items is probably about what a high-level adventurer will have in 3E.
This is basically what happens in a long-term campaign. Each individual adventure may not hand out a lot of loot, and when it's handed out, it may seem reasonable even to the stereotypical "low magic" DM. When you look over the course of a 3-year campaign, though, it adds up.
So I don't particularly care if a 20th level character is decked out like a Christmas tree with magic rings, bracers, gloves, amulets, armour, yadda yadda. A 20th level character is a few planes of existence removed from everyday peons like you and I, anyway, so what would we know about they're likely to have? Just play the game and stop worrying about it, says I.