I'm into it and I'm desperate for original worlds, characters, and stories.

A couple questions:

Does magic exist? If so, in what capacity? Who, if anyone, wields it, and what does it require from the individual to do so?

What races and species exist in the world? Is this low-fantasy, with humans and animals, or high-fantasy, with the classic elves/dwarves/humans, or dark-fantasy, with all kinds of shivering horrors? 

Is there a driving plot, or is this more of a sandbox in which to tell our stories? How big is the world? How much leeway do we have in character history to establish our own unique settings, cultures, and identifiers?

I'm likely in this regardless of how these questions are answered, but that doesn't mean I'm not curious.