Looks like development will take a little longer, as revealed by Producer Kazunori Sugiura in a group interview on Dengeki Online.
About Deep Down, I think well give full fledged information to everyone after the summer, so you may have to wait for a little while beyond the launch [of PS4] on February 22nd.
Since we dont want to risk to be told This could have been done on PS3!, we want to finish a game that fully uses the PS4 hardware specs.
http://www.dualshockers.com/2014/02/07/deep-down-delayed-after-the-summer-will-use-the-ps4s-full-power-wont-be-a-game-that-could-be-on-ps3/
They must be referring to Japanese summer (June, July, August). Looks like a longer wait than expected, folks!
The beta was planned around Japanese launch. No idea how far that has been pushed.