I have to disagree. Aside from the IQ it could pass as a PS3 game for me. I was expecting Deep Down to be the standard for the so called "true" Next Gen. So far it seems we will still be getting the same games just with better IQ, still in Sub-HD and of course Motion Blur on everything.
Oh, and Particles!
hope to be contradicted however i see no way deep down will look that good in game (imho)