NeoGAFs Kent Brockman
Ultimately, we are perfectly aware, of course, that the future of Deep Down looks murky at best. The developer has suggested a few times that the game isn't completely dead, but given the fact that they seem to be focusing on other things for now (and for the foreseeable future), and the fact that it's been ages since we heard or saw anything concrete about Deep Down, it doesn't seem like it is part of their plans for the coming years.
There's also the fact that Yoshinori Ono, who was leading the Deep Down project, recently departed from the company after a long and illustrious career, which puts the game's future into even further doubt. No, things don't look bright for Deep Down- but hopefully, some day, Capcom will decide to come back to the idea and let it out into the world so that it can realize its potential.