Ridley's Cohort said:
Economics helps answer this quandary: The law of diminishing marginal utility.
A wizard has lots of magic already; a bunch extra is a modest benefit.
A fighter has no magic; even very little can be a big big boost, especially if carefully chosen.
True. Very true.
The thing people forget is they always compare fighter to wizard (opposite ends of the spectrum) but the other nine D&D classes fit into this paragrim...
In a game with few or no magical items (esp. low-powered ones)...
Sorcerer's do better than wizards: wizards need scrolls to improve their spellbooks, sorcerers do not. Without scrolls or other sources of magical learning, the wizard gets put at a disadvantage...
Paladins, rangers and barbarians trump the fighter. Each has an ability to boost their strength (rage, bull str) for more damage without needing gauntlets. BBns gain hit, damage, and hp, as well as some movement. Paladin's can make their weapon temporarily magical, and rangers get some ability to boost AC (barkskin). They can all take needed feats (power attack, etc), and they can wield any magical weapon they find. (probably better than the fighter, who is busy devoting himself to one weapon).
Monks also thrive in this environment; their AC scales with level, they get a free magic/lawful/adamantine weapon (doing up to 2d10 damage), SR, immunities, small healing, mobility, good saves, and even DR! Effectively, monks get everything a character with magical gear would eventually, but in a lesser form. And in the valley of the blind, the one-eyed man is king.
Of course, clerics and druids trump them all. Decent weapons, good AC, and full casting to boot. Bards don't do so bad for themselves either.
Who gets the shaft? Fighters and Rogues. Sure, a fighter has feats galore and rogues get trapfinding, but without magical backup, they cannot do what a cleric, monk or sorcerer can. Eventually, without any real magical backup, fighters and rogues cannot handle combats well (rogues die easy) and the casters do all the heavy lifting. (invisibility, true seeing, fireball) And how exactly is the game "low magic"?
Unless you remove or restructure all the other classes, the non-caster or non-magical classes drop below the radar very quickly and the casters (and bbn and mnk) become ascendant. Which to me strikes me a the OPPOSITE of the intention of a low-magic styled game.