I voted Medium Magic for the simple fact that you can run a 5e DnD campaign without any magic whatsoever. Of course, no one does that but the option is there unlike other games like Mage The Awakening or Ars Magica. I played a Valor Bard in a short summer campaign where everyone else had no magic (Barbarian, Fighter, Rogue). The DM wasn't too keen on magic for PCs. The monsters were beasts and monstrosities. Besides me, we didn't have any magic and relied heavily on resting. The game was fine, in fact better than fine it was fun!
I've also played a Fighter in a medium magic campaign. I got a +1 Longsword at 3rd level and that was one of the few magic items I had until the campaign ended. The other PCs were a Barbarian, Rogue, Ranger, and Paladin. The Paladin was by far the most magical. We didn't see any powerful magic until 5th level when we fought against Flaming Skulls. Then we didn't see magic for another 2 levels. It was very much like Frazetta's Death Dealer series.