OK, now that I've read the entire thread, I've got something of substance (I hope) to add to the discussion. But first, I'd like to respectfully ask Hong to knock it off. This thread will be more fun for everyone if you play nice.
Anyway, I've been thinking about low power games too. That's why I asked the question about starting players as NPC classes in
this thread. I'm not looking to DM a game in which the players have no hope of triumphing, but I want them to feel that they are earning--really earning--everything they have, from items to gold to feats.
I like the Adept class because it only ever gets 5th level spells on the one hand, but on the other, it has a d6 for hit dice, making it much more likely the adept will survive than if you just sent a magic poor Wizard out to do battle. I like the Warrior because he's a regular Joe, not the supreme whirling-bot-o'-death a Fighter becomes. And the Expert is such a versatile class, you can be anything from cutpurse to alchemist. None of these classes are useless, but they also aren't larger than life.
Anyway, IMC the players are 3rd level. We only play once a month, so this has taken them a year of sessions. Amongst a party of 7, they've got three everburning torches, masterwork weapons all around, an immovable rod and a set of +1 gauntlets for the frail little boy who is the party sorcerer. (Who has yet to take a damage causing spell.) Other than that, they only have some potions, a bit of gold, and a few semi precious stones. They were briefly escorting a noble who had an heirloom magic sword, but none of the PCs know that it was a Keen Rapier. They just know the owner could really slice n' dice with it, and it had a blue glow. They've met exactly one wizard, though they've heard of another one. I'll probably arrange for them to get more magic items eventually, but not many, and they won't ever find them for sale. I'm really worried that they have too many already.
There is nothing wrong with high magic play. There's nothing wrong with low magic, or even no magic play. It's all a matter of taste. And this is the cool thing about D20. It's so very flexible, that we can all play the game the way we want to.
It's certainly true that if you take the magic out of 3E, or even reduce it drastically, you have to be careful about the monsters you throw at your party. But not everyone plays a combat heavy game. And even among those who do, not all those games use lots of exotic monsters. Orcs and hobgoblins with lots of hit dice or class levels can be pretty darn challenging.