Bullet time? Variable speed? What to call this?

Hello, all!

I've been driving myself nuts searching the forums for the technical term for an effect in which one subject moves in realtime and others move in fast or slow motion (usually slow). My google search terms have not yielded many search results... Probably because it takes me a paragraph to describe it!

I've tried "bullet time" (which gets me links for tutorials involving camera motion, which is not what I'm looking for) and "variable time," which gets me slow and fast motion tutorials (only half the battle). It's been about an hour and I A) feel supremely silly and B) still have no answer. What IS this effect called? (And, what are some down and dirty ways to do it/set up for it?)

For an example, see 00:01:00 of this: http://vimeo.com/37940683

Thanks,
R