5E should be able to run both high-magic and low-magic with equal ease, and have the mechanisms for doing this already in the rules. Or at least that's a goal the designers have stated (they're called "dials").
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You'll have to pardon me if I remain skeptical of such claims. Experience has taught me that when a system is not actively set up to resist such, the drift towards homogenization and the unique and special becoming common and mundane is well nigh [ame=http://www.youtube.com/watch?v=A8I9pYCl9AQ]inevitable.[/ame] As noted so well by pming, limitations are a good thing.