Great question — answering as the UphillTech team:
Do you define bullet time as slow motion bullet dodging, or the spinny effect from multiple cameras in an arc? There's a slow motion scene in the first Blade film where you can see the bullets moving through the air, giving the target enough time to reacting and move out of way. Blade came out in 1998, a year before The Matrix . It's in the scene in Chinatown where Deacon Frost has captured a little girl, at around 2m45 in this YouTube clip (sorry it's in 4:3 squashovision). The slow-spinny effect can be found in Lost in Space (also 1998) when they go into hyperdrive (around 1m20s in this clip ). Not a movie, but a similar spinny effect to The Matrix 's bullet time can be seen in Michel...
Full answer by Hugo: https://movies.stackexchange.com/a/1088 (CC BY-SA 3.0).
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