How was The Matrix's iconic 'bullet time' effect actually created?

The answer

The Matrix's 'bullet time' effect, first seen in the 1999 film directed by the Wachowskis, was created by arranging 120 still cameras in a precise arc around the actors. Each camera fired in rapid succession - sometimes within fractions of a second - while a pair of film cameras captured the start and end of each sequence. Visual effects supervisor John Gaeta and his team at Manex Visual Effects then digitally interpolated the frames to create seamless slow-motion movement while the camera appeared to orbit the scene. The entire setup for Neo's rooftop bullet dodge alone took months to calibrate. The technique won the Academy Award for Best Visual Effects and has been referenced in over 20 major films since.