A couple of days ago Capcom released a new trailer for PS4 free to play title Deep Down, ahead of what now appears to be a push to give more information about the game and its gameplay mechanics.
First off the story places your character as a member of the Ravens, a group of people who can access memories and thoughts through items, which leads to finding some ruins from the Czech Republic dating from the 15th century, explaining the medieval setting. The ruins gives clues to a lost civilization which your character is sent to investigate.
The dungeons themselves will be themed around emotions, known as Memento, and this will also have an effect on your gear and abilities. However, how that will work is unclear though my guess is that equipment will have some attributes linked to Memento, with a boost given in the right areas.
Players will be able to use greatswords instead of a sword and shield combo if they wish. The greatsword attacks will be slower but more powerful. The world will be shared with other players and you will be able to loot any corpses of fallen players you come across. Whether that means a player can lose equipment if their corpse is looted or not is again unclear.