I'm not asking if there should be magic in a setting. This is fantasy roleplaying, and magic items are the default there. Instrad, what I'm asking is "how much magic should there be/"
Obviously, this is a personal taste type of question, and the answer may change depending on the type of campaign one wants to run.
For me, it's whether or not you are going to embrace the idea of a "golf bag of magic swords." As a DM, you need to have an answer for that question before you kick off the campaign. As I am currently running Castle of the Mas Archamage with one of my two groups, the answer is simple. I (and my party) are embracing it. I might need to drop in a "golf bag of holding" while I'm at it, as the swords are accumulating for my party (although little else is - it may just be the paths they've chosen throughout the mega dungeon).
So, is magic "rare and magical" or "abundantly marvelous" or something in between in your campaigns?