PS4 exclusive Deep Down is actually set in 2094 New York, Capcom announced at Sony Computer Entertainment Japan's press conference this morning.
In this future world players are able to see into the past through memories (a bit like Assassin's Creed), but it's not clear how this works.
In these memories players will battle through procedurally generated dungeons filled with random enemy encounters. Up to four players will be able to join together online.
Sony's working with Capcom to ensure the publisher's new Panta Rhei game engine is put to good use on the PS4.
A playable demo will be at Tokyo Game Show later this month.