A couple of tech videos for Deep Down taken from the CEDEC developer sessions in Tokyo have appeared on the internet. There is not much to them, but they do show just how lovely the game looks.
The first tech demo finds two bare bottomed Badger/Rat creatures fighting against the hero. The creatures are furnished with a set of elongated, swinging nipples.
This video has some impressive particle effects.
A liquid effect on a what appears to be a horse merged with a Necromorph from Dead Space, with added Page 3 jubblies.
And finally, a naked version of the Badger/Rat to showcase the lighting.