[quote=@The Captain]
What's the extent of the 'low fantasy' in particular?
[/quote]

Could you make your question more specific? I'll try to give you a general answer to this one.

As opposed to high fantasy, this is a rational setting in as much that it adheres to our own laws of physics and rules. First and foremost, magic would be more a means to enhance the flavour of the story, rather than a deep mechanic. Story trumps competition. Realism is key.

In the past, magic has more often than not been used to get an extreme advantage over other players. To avoid this sort of godmodding, we would have to work with some form of system, which is something I would rather not. Instead, I'd like for you to make up your own little variants/ideas that although in essence can change little about the course of history are still a great addition to the RP.

Concrete example: Overlord à la Sauron wielding a massive mace and blasting people with his gaze. Dragonriders with little to no weaknesses. These things would be the equivalent of a fantasy nuke.

[quote=@Chapatrap]
Is this a stat based RP or character based?
[/quote]

A mix of both, seems a safe answer, but I'd say more character based. You won't get 'absolute' stats apart from your population and perhaps military numbers. Are you referring to the rolls? Wealth, power and such will all be relative to other players/nations.