I like a combination actually, magic needs real limitations that it must obey(low fantasy has this more), but at the same time I rather enjoy it having an active role in the world, with significant cultural influence, without just cribbing off technology(what a lot of 'high' fantasy misuse magic for, they simply replaced technology with omnipresent magic).
In essence, use it, integrate it with the world, but don't overdo it or it loses its magic.