As of now, details are scanty on both the new engine and project, though they will be developed concurrently. Deep Down appears to be a fantasy action RPG in the vein of Dark Souls and Capcom’s own Dragon’s Dogma. There are dragons to be slayed and knights to assume control of.

Of all the titles showcased, Deep Down was one of the more visually rich titles featuring beautiful player models and some truly amazing atmospherics.

Keep in mind that Deep Down is only a code-name for the project. Perhaps we’ll learn the final name when E3 2013 rolls around. Because what better place to announce a sequel to Dragon’s Dogma (which is also an exclusive, only for PS3)? Certainly not at an event that revealed the PS4. Nope, no sirree.