Magic in a setting's cool because you have the sense you never know what to expect next. I guess people are so used to D&D stuff, elves/dwarves that the sense of awe is diminished.
In that sense, it doesn't matter whether it's magic, sci-fi, steampunk or Aliens. If it's done right, the feeling of eagerly discovering what's around the corner is there. A setting doesn't guarantee it either way.