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[pottuvoi]

Unless something changed from how they first announced it, this doesn't even need depth, it was just for rotation, basically redrawing the frame as if it had been pasted to the inside of a sphere and rotated; the spherical version of what the animated slide in the video does.
Despite Eurogamer dubbing it with the same name as Carmack's method, I'm pretty sure Sony has never called it that.

Just having texture on a ball and rotate would cetainly be ridiculously bad for 0.5ms of async compute job.
Really hope it will have minimum of proper head rotation with depth for half decent re-projection of the scene. (Head movement in small area would be wast improvement even with only the most basic hole filling.)