Its really hard for me to say...
The game I run --which in my mind, at least, is called The Tales of CITY-- is set in, well, CITY, which is the colloquial name for nine metropolii linked togther by multitude of ancient magic gates. Native Outsiders are (relatively) common on its streets. Forges (and even large bakeries) might by powered by elementals. CITY Woman shutter their windows against tiny, voyeuristic demons and street urchins try to catch low-grade Celestials to beat blessings out of them (the 'leeres' and 'pinyates', respectively). A wealthy noble might have a 'picture window' that's really a permanent magic gate which opens out onto another continent. A whole race has mind-magic powers (each indiviudal has at least 3 cantrips/day). Low-level magic (and masterwork+ items that have better bonuses/special abilities) are pretty common. Magic shops exist in CITY, albeit concentrated in a few locations, and each focusing on a specific kind of arcana.
But for all that, my players feel its a low magic setting. Magic isn't always for sale (seeing as most items are crafted by priests). Magicians come in four flavors/apsects, so casters' lists are far smaller (and thematically linked). Certain magics, like teleportation, for instance, are extremely rare (a lost art, you see).
Its my attempt at making a D&D setting that's at once more chock full of wonders, and less magical-superheroic. In Hong's terms, it contains the specific subset of wahoo that I'm comfortable running.