@twizted - I'd imagine it's an issue of support. Hosts needs to be able to support it if they add it, and for some hosts, it doesn't seem to be a priority. In your case, however, it sounds like your host considers Imagick to be "premium" functionality.
@jphilbert - The Imagick PHP extension and magickwand use the same functionality under the hood, but it's not interchangeable, as far as I know.
@jalves - Setting resource limits will slow your server down if the limits are exceeded. When you set a memory limit, ImageMagick will begin to use swap space on the hard disk instead. RAM is far, far faster than disk speed, so whenever memory runs out on your system, ImageMagick will simply continue processing on the disk, thus causing slow performance.