Step 2Technology
iImage Information

The Bullet Time effect was originally achieved photographically by a set of still cameras surrounding the subject. These arrays are usually triggered at once or sequentially. Singular frames taken from each of the still cameras are then arranged and displayed consecutively to produce an orbiting viewpoint of an action frozen in time or as hyper-slow-motion. This technique suggests the limitless perspectives and variable frame rates possible with a virtual camera. However, if the still array process is done with real cameras, it is often limited to assigned paths.
http://en.wikipedia.org/wiki/Bullet_time
The invention of Bullet Time is shared by many, and the technique in The Matrix is not just timeslice, but augmented in many ways including frame interpolation, view morphing, and image-based CGI.