The effect is created by filming a short scene against a green background using two video cameras and a lot of stills cameras. The images are then added to a computer generated background and then using computers the audience can be spun 360 degres around the action, showing great amounts of detail.
"Bullet time kicks ass!"
(Note: Bullet time is measured in relation to the speed of a bullet, hence the name.)
Bullet time in movies however uses cameras that record at speeds anywhere from 100FPS to 2000FPS and then digitally rendered to creat a desired effect (such as "wave trails" left by bullets).
As far as I know, the earliest non-scientific use of bullet time was in Korn's "Freak on a Leash" music video.
also see: Burly Brawl, Super Burly Brawl
(Bullet Time Meets Bunraku
By rickyjames, Section News
Posted on Wed Sep 3rd, 2003 at 12:13:19 PM PST )