This sub-genre, also known as “Slipstream”, once only popular with a limited audience is growing in mainstream appeal as more and more fantasy readers are looking for fantasy “that’s different.” And slipstream fantasy IS different.
Highly magical overall, but there are endless ways its portrayed in these books. Since there is no predicting the content, direction or tone, there's no point trying to corral the depiction of magic.
Level of characterization varies greatly, with some richly drawn and complex, some one-dimensional, some simply symbolic. Any or all of these may exist in the same story. The ball will be in your court as far as interpreting them.
It can be hard to follow the plot of these books. Again, readers are expected to put a lot of work into making the story meaningful.
Both violence and sex are commonly depicted, and may be of a weird nature.