It's all about avoiding extremes for me. I am not playing Zoria because magic loot drops left and right and there is no joy in finding new gear, but if there is one thing worse than that, to me, is in games like the Outer Worlds where you get three thousand plain assault rifles and plain leather armors per encounter to browse through, turning into a massive waste of time and energy.
Low magic can be done right too, as others mentioned, Colony Ship or Age of Decadence do fine. Atom RPG, to me, already suffered from the "dull gear" issue, but at least it had firearms, which usually allows for more variants and spice in combat encounters than melee-only combat. This is a medieval/fantasy game, so I don't expect there will be fireguns to come to the rescue this time around.
We'll have to see, in this case. I am just a bit wary, if hopeful.
You can do that by editing the original post. I think calling it "Swordhaven - Iron Conspiracy" - new cRPG from ATOM devs or something along that line will be good?