Bullet time - the effect popularized in The Matrix - typically uses 24 still images stitched together to create a single from of video, or video-like dimensional motion. Working with the medium however, presents limitations when you want to tell a story using flowing motion and moving components.
A series of intelligent tools from Revisionfx introduces an amazingly simple, yet effective mechanism to achieve the effect of bullet time while still using video.
The particular tool, Twixtor intelligently combines sequence frames allow you to speed up or slow down the action to achieve the effect. These are two great examples of using lo-res video with Twixtor to generate cinematic effects with standard tools.
Experience Human Flight from Betty Wants In on Vimeo.
More Super Slow Motion [Water] - 550D from Rickard Bengtsson on Vimeo.

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