This game will probably not fall under the category of a low-magic game, but it will certainly be differently-magicked. That is to say:
There will be no Wizard class, at least for the PCs. Wizards gain magic and increase their number of spells through study of ancient lore; intelligence is their key attribute. On Nomm, the ancient magic has mostly been lost; certainly, there is no place to study magic in a concerted way. Anyone wishing to become a mage would have to search through ancient ruins for scraps of scrolls and tattered tomes to build a library of magic. And if the PCs run into a Wizard during their travel, well, he is likely a force to be reckoned with.
Sorcerers are descendants of those people who in ancient times developed or uncovered in themselves the ability to use magic without external aid – who learned to fly, as it were, rather than building airships. Such people are uncommon, even rare, and are looked upon with suspicion, if not hostility. Strong and prevalent among all races is the worldview that arcane magic caused the fall of Old Nomm.
The broad population generally gives Bards an easier time than they do Sorcerers. Perhaps it is the appealing charisma that marks most Bards, or maybe it is the association of magic with music, but spellcasting won’t get a Bard into trouble on its own – although many Bards can get themselves into trouble without any magical assistance anyway.
Other spellcasters – Clerics, Druids, and some Rangers and Paladins – receive their powers through communion with their deity or with the natural world itself. Most people view this magic – healing and creation and shapeshifting – with much less animus than they do fireballs and magic missiles. It might also be that many of these spellcasters are more judicious and circumspect on the occasions that they do fling lightning bolts about.
Because of the relative dearth of arcane magic, there will be a lesser likelihood of buying or otherwise acquiring the magic weapons traditionally found lying around in every graveyard in D&D. Such weapons as adventurers do obtain will more frequently be either those made of special materials (adamantine, darkwood, dragon hide, and so on) or those with special properties (bane, defending, distance, and so on) rather than those merely generically enchanted.
Magical and wondrous items, however, seemed to have survived the fall of Old Nomm more frequently than did weapons. Various wands, scrolls, rings, and other artifacts will likely be found by any diligent adventurer. Many of these will be partially or even mostly discharged and many may be single use items; judicious use for maximum benefit will be necessary, as will the Spellcraft, Decipher Script, and Use Magic Device skills.
So, overall: magic will be a little less common and a little more special, but still a big piece of gameplay.