It's called BULLET TIME, and it was first used on THE MATRIX. It involves dozens of still cameras lined up around the subject that either take a picture all at the same time, or a fraction of a second apart. And then stitched together as one QT movie.
If you have THE MATRIX DVD, there is a special feature that goes into detail on how they did this.
Nice one - that makes sense. I always thought bullet time was just super slow motion and then the whole 3d rotating thing came in - this just seems to be a still image so didn't make the connection. I'll look it up - cheers!