Th reason I find this thread so intgeresting is because we are discussing not only what comprises a "low magic" or a "GnG" game, but really what our expectations of a campaign are and what it is we identify with in our characters and what we want our characters to be/accomplish.
For myself, I much prefer running a low magic/gritty game (well, actually I think my game is "moderate magic", but others say it is low, but only in comparison to "standard" D&D - it would actually be "high" in comparison to Howard's Hyborean world, for example), and I think it is as hard as to run as a good high level (10+) campaign - if only because you have to keep the game engaging and fun when often there are no clear resolutions to and feelings of accomplishment in morally gray and "gritty" sitautions, and much like "real life" every action has a number of bad consequences along with the intended good ones.
I think "low magic" is problem in terms of how the rules are built and supposedly balanced, while "grit" is a problem of the actual flavor and fun of the game.
For myself, I have not changed how many spells spell-casters can cast or learn, etc. . . though I have greatly lowered the number of "free" spells for wizards (1 every 2 level, instead of 2 every 1 level, and it has to be of a school of magic of a spell you already know in order to understand the under-pinnings behind the magic spell), and except for certain spells I have not removed or changed spells (spells I have made "rare" are Make Whole, because a spell like that not only makes worrying about gear a thing of the past, it also would change the fundamental economic of society), thouhg I have added certian requirments to spells like raise dead or resurrection (being a devout follower of the god in question, or being raised comes along with a geas (no save) to fulfill some quest for the god/church (adventure hooks, anyone?). . .
But I have creatured cultural and societal rules and customs for how magic is handled in order to keep it under control and to add a certain amount of flavor (heck, even Sepulcrave's high magic masterpiece has "the Great Injunction") to help reinforce that low magic awe-filled feeling that I and my players like.
Another way of accomplishing this (which I do also) is by potentially changing the assumptions about certain monsters and magical items, - demons remain fearsome and mysterious foes, for example - are they immune to electrical attacks? Maybe, maybe not. . .
Another thing I do is making skills a lot more important to survival. . . I had one session that was detailed in my story hour not too long ago, that was all just making jumping, climbing, balance, tumble, etc. . . checks to escape a collapsing underground complex, while fighting zombies and avoiding falling stones, etc. . . The party wizard did not even have levitation at that point - but the players had a blast! And when the session was over I got a round of applause for how I had handled it (the first and only time that has happened for me as DM). A few stoneskins, levitate, fly, dimension door, teleport, passwall, phase door (is that even a spell anymore?), or what have you and that escape would have been over in a few minutes and while the description of the collapse might have been exciting the escape would have been much less so. . .