As a player, I prefer low-powered games in D&D. This is not because I dislike high-powered games. Rather, I dislike the level of complexity involved in high-level games. I played in an adventure yesterday, which climaxed with a 10-hour fight. I wanted to kill my DM afterward, for taking so bloody long to look up all the dozens of things each NPC could do. Hell, even I was left dredging the bottom of the barrel for my cleric's spells by the end of the fight. "Hmm, I'm 15th level. Do I want to cast command on the 40-HD fire elemental, or perhaps bless?"
In my opinion, high-level characters in D&D are too complicated, and have too many toys. I like sorcerers, because they have spells that don't change, so it's easy to run them. Sorcerers are like superheroes, with clearly-defined powers. Of course, any good superhero system lets the heroes go beyond their limits when it's for dramatic effect, but you don't see superheroes with all of the 20 different powers even just a high-level fighter has available with his magical equipment. Throw in monster-summoning mages that can pick from a huge field of critters, and combats just get too complicated.
If in high-level D&D you didn't have so many options, things would be easier for DMs, and faster for players. When I DM, I list the six or so most common tactics of major bad guys, and don't worry about all the other things they can do unless I feel like winging it. Doing it by the book takes too long.
I really tend to have a lot of fun in games of 3rd to 8th level. With sorcerers, I can enjoy myself even up to 12th level or so before it gets ridiculous.