I've seen this effect a number of times before, and always wondered how it was done. I just watched this video
and they use it a few different times at 2:50, 3:50, 5:43...
They have two different cameras set up nearby each other, and during a freeze frame the view is morphed from one camera to the other. I'm curious if there is a tutorial out there or just if anybody has some tips on how this would be done.
After posting I continued doing some further research, and it turns out for this particular video they used a long line of Go Pros to do a bullet time effect. So would there be an alternate way to do this, with only two cameras and some After Effects type work?
Kalvin you beat me to it. If you research some videos for the Matrix, they did it the same exact way. You COULD in theory, use only 2 cameras, but you can't make whats NOT there APPEAR there.
What I mean by that is, it would be hard if not impossible to interpolate what the images would look like in between where you have one camera and the location of the next camera. You would have to literally have the subject stand still for a minute and then take still frames around them.
Which, again, isn't impossible...but unless you have some type of rig where you can follow an arc, it may look sloppy if youre not only changing location, but also inadvertently...distance.