As part of a presentation at today's PlayStation Japan press conference, Capcom's Yoshinori Ono showed a new trailer for the game as well as the first actual gameplay footage.
Despite its seemingly medieval setting, Deep Down takes place in New York in 2094 and has players entering a series of underground caves to battle the monsters lurking within.
The game supports online multiplayer for up to four players. Each cave is procedurally generated, meaning the layout, monsters and weapons you discover will be random each time you play.
Capcom's previous Deep Down trailer showcased some of the monsters players can expect to come up against.
Deep Down was originally revealed in February, with a trailer showing a medieval knight battling a large fire-breathing dragon in a subterranean lair.