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I believe it was confirmed on the PlayStation Meeting that Deep Down tech-demo was running on the PlayStation 4 hardware. Which confirms that it was a Real-time footage and not a Pre-rendered CGI movie. This only shows what the engine is capable off. What we'll see on the actual game is a different story, but for sure the second trailer doesn't look like a PS2 game. You can not tell by looking at few seconds of flashing vids