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After all, if we can simply swap out one mysterious factor for another, then what justifies one versus the other? We could go a step further and make the substitution with any "real world" genre, too:
inexplicable technology = inexplicable magic = secret information/technology aliens = elves = different culture beam weapons = arrows = any personal-use ranged weapon ships powered by fusion which travel through hyperspace = ships powered by wind which travel on the open seas = pretty much any mode of long distance transportation evil overlord = evil warlord = Dick Cheney techno geek = sorcerer = tech specialist
You make the important point that the similarities are in form, rather than substance, and it's in the latter that the real difference appears.
Philip K. Dick drew the following distinction between s/f and fantasy (I'm paraphrasing): if the story contains something that can't/doesn't exist in the real world in principle, then it's Fantasy. That means that magic, Elves, or Dragons qualify as Fantasy, but lasers and FTL drives (presumably) do not. But even Dick himself pointed out that such a distinction is nebulous and subjective, depending almost entirely on the individual's tastes and preferences.
In short, there is no objective distinction between Fantasy and s/f, though certain thematic elements and trends are more common in one than the other.
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