By design, this will be a low-fantasy setting. The problem with a world full of wizards is, there is nothing unique about them. There will be a small part of the population with some sort of magical or other talent. This doesn't mean they will be full on wizards who can cast any spell from a spell book. This means they may have some sort of ability or power over an element - and only for that lifetime. Talents die with the character.
The people who have pledged money to this game are aware of this fact, yet we've still managed to pledge nearly $2M in support of this play style. If someone can't imagine an MMORPG without high-fantasy magic, perhaps another game is for them. There are hundreds to choose from.
Edit: Changed wording for better clarification.