As I noted in the other thread, 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.
But the question is, real time PS4 or real time PC?