In what looked at first to me like a sequel to Dragon's Dogma, Capcom has announced a new working title currently called Deep Down (it was shown without being capitalized as "deep down") during the PlayStation Meeting 2013.
Capcom's Yoshinori Ono revealed that this title was being developed using the Panta Rhei engine, which he believes will be a new direction for game design. The trailer for Deep Down showed off the power of the engine, with lip-synching that rivaled L.A. Noire's and several warrior/explorer characters venturing through old mountain caves.
One character faced off against a fire-breathing drake of some sort using fire arrows, a one-handed blade, and a shield to defend against the monster's breath. The action in general seems inspired by Dragon's Dogma and Dark Souls, but seems more action-oriented than either title.
At the end of the trailer, a text message from Yoshinori Ono asks for help in the fight. Perhaps this is alluding to the PS4's remote play feature that will allow players to come in and assist their friends or even to take control of their friend's controller and play in their stead.
