I know this is old news to most of the Blogsphere, but my players were interested in this information so I figured I'd post it here.
I'm interested in gonzo pulp fantasy as a genera, and greatly enjoy the setting. In our group, even our rules light systems tend to be rules heavy. Having found Old School Hack, I found several of my problems resolved themselves at once. It is modern, and yet rules-light. The playtest documents can be found here.
It's not that an old-school clone doesn't meet the rules light standard. It's that we're currently running one old school game, and running two games at once with similar rules and settings tends to cause confusion.
It's the perfect system for that low magic game - every magic item has a story. It's based on adventure and danger, really very much towards the narrative end of the scale for a fantasy game. It's one of those documents that triggers gamer ADD - reading the rules makes you want to start a game.
If you haven't checked it out yet you should, I'll be certain to post a review of it when we give it a spin here in a couple of weeks.
Also: It appears that it's getting close to releasing another revision, which is super-exciting!