G'day
For me, 'low fantasy' is different from 'low magic'. And I like having a lot of terms with different meanings rather than a slew of exact synonyms. Low fantasy is distinguish from high fantasy not by having less magic alone, but also by having less of everything fantastical, specifically a setting other than the real ("primary") world.
Thus, Roberta MacAvoy's (excellent) Trio for Lute is higher-magic than Lord of the Rings, but lower fantasy, since it is set in a particular place in the actual Piedmont, Provence, and Grenada, at a real moment in history.
Now my taste definitely runs to lower magic than seems to be common in D&D campaigns, and for that reason I often use systems more suited to a low-magic campaign, such as DragonQuest 2nd edition, C&S 3rd edition, and ForeSight. But although I like a bit of historical or contemporary fantasy every now and again, I would by no means say that I prefer it to high fantasy in a completely fictitious setting.
My favourite high fantasy campaigns have been set in my Gehennum setting, which would not accommodate D&D characters without quite a lot of work. (I usually use modified ForeSight for Gehennum campaigns.)
My favourite low fantasy campaigns would I guess be my Knights of St John campaign which I set on Cyprus and parts east and south, beginning at dawn on the 23rd of June 1291 (run using C&S), and an untitled campaign that was set in the Rhône Valley from Candlemass 1122 (run using DQ). I would run either of those using D&D 3E if anyone asked.
Regards,
Agback