It's not so much the deepness, it's the sharpness of the "edge" of the bowl.
I think it needs some transparency in it all the way. Or some particle effect so the edge wouldn't be noted when everybody just goggled to shiny particles lowering the FPS.

It definitely now looks better than current one, but I have always silently shunned the sharpness that comes from the model. I think it might look better if it was kinda other way round; now it has a transparent place on the "bottom/middle" of the hole, but on there the sharp edge of the "bowl" would be least notable duoe to the flash effect.
So, I'd make it so that the light would be brightest at the center, fading all the way outwards until seamlessly changing into animated wave thingy that is so dear and familiar to all of us. Actually, the wawe stuff should reach deeper to the center IMO, just getting brighter and brighter towards the center.