True, [@Mahz]... No single definition is perfect.

Perhaps we should just have the "fantasy" label until the time of multiple labels (like high fantasy, low fantasy, modern fantasy, etc.) are established?

Some would say high fantasy is basically a tolkienesque world with magic, elves, dwarves, orcs. Others might say its something with high magic content. Others yet might simply say its a fictional world with the presence (or lack of) magic being irrelevant.

We can't say which is right. Probably because all of them can be. Perhaps the goal should be the one that is general enough to fit the most?

Could this one work?
High fantasy: A fictional world typically involving magic, often including non-human species like elves, dwarves & orcs. Might also involve a good-vs.-evil conflict.