Kaftan's right about magic being the determinant of fantasy. I don't believe the other two (pseudo-medieval and tolkien-esqe races) criteria are necessary.
Any time you have an instrumentality that cannot currently exist in the world, it is either Fantasy or Sci-Fi. If the the instrumentality is a product of science, then it is sci-fi; if it cannot be explained by science, it's fantasy.
At least that's my take.