Third cross post.
I'm not confident that the Deep Down trailer represents playable, animated gameplay, but I have no doubt it's real time in-engine footage either running directly from the PS4 hardware or at the very least PC.
Frame analysing the footage, you can spot the following (I can't believe I'm doing this):
0:26 - Weird DOF at seam as the camera comes into focus of the flame.
0:31 - Fabric tears and stitching on bald guy's cloak are textured on.
0:35 - Pretty typical bloom/glow emanating from the dude's face, simulating illumination from fire. Can also see a seam where the hair* poly is modelled onto the head.
0:42 - Show resolution flickers on the rocks to the left as the torch passes around.
0:43 - Pixellated DOF edge.
0:48 - Standard SSAO/HDAO.
0:52 - What looks like shadow flickering or even z-fighting on the pillars.
1:12 - Sharp pixels when shiny edges are introduced to per object motion blur (you sometimes see this in Crysis 2).
1:18 - Relatively muddy ground texture.
1:22 - Small, physics generated debris 'floating', not colliding with the ground properly.
*and to note that, there's no detailed hair strands/simulation (eyelashes, facial hair, head heair) anywhere in the demo.
Again, not sure about those animations being actual gameplay. And some aspects could be fake with pre-canned, heavily scripted animations (eg: fire). But it looks both fucking incredible and a real time engine demonstration. Flaws are not really negatives, so much as evidence of the reality of real times graphics processing. It's why Ubisoft's bullshot screenshots always have a weird, uncanny look, even though most are using in-game assets. The rendering is always oversampled and touched up, so it's not technically real time anything.
This, on the other hand, looks bona fide real time.