Capcom is developing a new game called Deep Down for the PS4 built in a new engine designed for the system, Capcom's Yoshinori Ono announced at the PlayStation Meeting today.
Ono began by speaking about Capcom's development over Sony's systems from PS1 though current consoles. He then revealed that the company has been working on a new graphical engine called Panta Rhei, which translates to "everything flows." The graphical engine for the PS4 will "allow us to take game design in entirely new directions," Ono said. It is a next step from Capcom's current MT Framework engine
The fantasy-themed Deep Down — a working title — is being developed alongside the Panta Rhei engine. A tagline appeared during a video shown onstage, warning players to "Conquer Your Fear or Die a Coward." You can check out a video of the work in progress below.