Modern Fantasy

Have you ever realized just how few fantasy movies take place in the modern age?

I'd venture to guess that number is somewhere around ... hold on, let me do the calculations here ... NONE.

I didn't even realize this until I had a fantastically brilliant idea a while ago when I was watching Jack the Giant Slayer with m'lady. You see, the movie shows the whole Jack and the Beanstalk and Jack the Giant Killer thing at first where it's a fantasy adventure set in (when else?) medieval Europe. Then at the very end (SPOILER-ISH THING) it transitions to the modern day where it is implied that the whole movie takes place not in a fantasy world, but in our world, and that Giants are still living on floating islands in the sky that none of our planes have crashed into or our (Google) satellites discovered.

So this movie isn't the best representation of a true classic fantasy story, but still, who says elves, dwarves, wizards, and orcs cannot exist in our modern world?
Imagine if some crazy hack decided it would be a good idea to pen up a Lord of the Rings movie sequel that took place today.

Gandalf (now known as "the Blue") would be a Broadway tech engineer (or a dentist), Legolas would be a FBI agent, the dwarves would probably still be mining (except for oil and natural gas), and Frodo would be dead, because you know ... he's not an elf or wizard and hobbits only live for like 150 years or something.

Seriously, what would those fantasy worlds be like if technology/magic progressed?

This is the sort of stuff I think about in my free time.
-Ryan