As stated by VP Christian Svensson.
Capcom debuted its Panta Rhei engine at Sony’s PlayStation Reveal event back in February, along with a new game that will be coming exclusively to the PS4 known only as Project Deep Down. Nothing was revealed about it, save for the medieval themes and combat that saw the main character fighting off a dragon in a dungeon.
Which looked fairly similar to Dragon’s Dogma, which released on the PlayStation 3 last year and saw great success. This sparked suspicion that Deep Down is a sequel to Dragon’s Dogma, if not a spiritual successor.
However, in an Ask Capcom thread on the same subject, Corporate Officer and Senior Vice-President of Capcom Christian Svensson states, “No new DD product has been announced so there’s nothing I can comment on there. For reference DR3 [Dead Rising 3] and Deep Down have nothing to do with Dragon’s Dogma.”
So the question remains then: Just what is it?