I've developed general Convex-Convex depth computation and contact manifold generation alghorithm. And want to share my results with you.
Here are the pros of my approach:
+ the alghorithm is iterative - the more iterations you choose, the more accurate will be the result
+ the alghorithm is completely incremental. Using coherence, it usually converges after less than two iterations
+ it builds all the contact manifold at time - i'm not persistent manifold fan
+ it uses only support mappings of two geometries
+ when the penetration isn't too deep, it converges in almost a constant time
It's cons
- too much space for optimization. There are too much vector normalizations and devisions
- the alghorithm hasn't been thoroughly tested yet - it may be sometimes unstable.
- as EPA, alghorithm "dislikes" too long geometries and converges slowr on them
- only convex geometries. it's quite common "con"
Screenshot:

You may see that there are 43 bodies in this scene and complete physics simulation step takes 2.5ms on Intel Core 2 Duo 2.4GHz, using only one core.
Thanks, Alex