There´s a game, called Arcanum, that have both mechanic stuff and magic stuff. It´s a nice thing to see their enviroment, using both technology and magic to solve society problems. That´s a nice thing I would like to see on EWOM. But I agree with both landisaurus and luckmann, we can have those things without being tied to a "historical period" of mankind.
Arcanum was great, but it hasn't aged well and always felt a bit unpolished to me. Also, I never liked the idea of technology and magic being fundamental opposites on a 'universal law'-level.
But yes. Arcanum was a chapter of gaming in itself.
I think there have been enough steampunk and similarly magic vs technology settings around in computer games. The default setting for fantasy seems to be a sort of generic medieval Europe, probably because ideas about chivalry often tie quite well into these sort of things.
To my mind the idea of godlike magical beings remaking the world is a bit too high-magic for medieval to really work as a setting. I would prefer something a bit more...pagan, barbarian, bloody, Beowulf.
Now, please don't take this the wrong way. I'm honestly not trying to be antagonistic, but please mention
one steampunk fantasy computer game aside from Arcanum and that failed RTS I can't even remember the name of.
As for fantasy settings, I think they're going for the more common distinctly high fantasy setting, as opposed to the Europeanesque kind of setting (which is oddly common in German and central european-produced RPG's).
If there's something that's been done to death it's failed attempts at Dark Medieval fantasy and a massive amount of high fantasy games. If there's something that is incredibly rare, if anything, it's Steampunk fantasy.