I disagree - rare, expensive and weak is a perfectly valid setting choice if you want something resembling the real world.
Sooo........what you mean is, you want your setting to include a little magic, but have that magic be completely irrelevant, impotent, and a total waste of lots of time and money and effort on the spellcaster's part for no gain?
While not every novel or piece of fiction can be translated into an enjoyable RPG experience, there are several fanstasy settings out there that have very low magic, and no less enjoyable for all that.
Larry Niven's "Magic Goes Away" novels are set in a world in which the mana that powers magic is almost completely exhausted. Wizardry is only possible in certain remote locations, or after certain events, so wizards are essentially people with a lot of knowledge that they can rarely use. One character is (in D&D terms) a demilitch, who is only animate in those areas. The power of the magic that can be practiced is directly proportional to the amount of mana in an area.
Mary Gentle's "Chronicles of Ash" series is set in an alternate medieval Europe with little magic. Usually, its in the form of ritual magic or magic items- spellcasting is not a feature of combat, but rather, preparation for combat. The "golems" or clockwork men in the setting are fearsome opponents, but the number of them
in the world can be counted on two hands.
Harry Turtledove's "Darkness" books have few spellcasters, but they can be quite powerful. However, once again, their most powerful spells are generally ritual magics. Things like Lightning bolts and combat summonings are rare. Necromancy has many uses, and is responsible for one of the most powerful spells in the story...
In CJ Cherryh's "Sabis" novels, magic is almost entirely absent.
In D&D, most of these worlds would be set up so that most combat evocations would be rare, but powerful, and things like Transmutations or Conjurations would have long durations.