The possibility of surface wave generation by diffraction of pressure waves on deeply corrugated one-dimensional phononic crystal gratings is studied both theoretically and experimentally. Generation of leaky surface waves, indeed, is generally invoked in the explanation of the beam displacement effect that can be observed upon reflection on a shallow grating of an acoustic beam of finite width. True surface waves of the grating, however, have a dispersion that lies below the sound cone in water. They thus cannot satisfy the phase-matching condition for diffraction from plane waves of infinite extent incident from water. Diffraction measurements indicate that deeply corrugated one-dimensional phononic crystal gratings defined in a silicon wafer are very efficient diffraction gratings. They also confirm that all propagating waves detected in water follow the grating law. Numerical simulations however reveal that in the sub-diffraction regime, acoustic energy of a beam of finite extent can be transferred to elastic waves guided at the surface of the grating. Their leakage to the specular direction along the grating surface explains the apparent beam displacement effect.