or go here
http://www.tribute.addr.com/anime
I believe bullet-time will be like this:
The person using bullet time sees everything in slow motion.
The person watching other players use buleet time will see them get blurry. If the person is watching somebody use bullet time AGAINST THEM, then both people go into slow motion.
This way there are no lag/speed up problems and everyone is on the same time.
I will be playing this game when it comes out. Assuming it comes out before World Of Warcraft or after I get bored of WoW.