Ever since The Matrix hit screens back in 1999, most of us having been waiting for the other shoot to drop. Wired has a nice article on the virtual cinematography used in the soon-to-be-seen sequel. Like most commercial movies, the effect that came to be known as bullet time had been developed by a Frenchman, Arnauld Lamorlette, to fly through a virtual Parisian arispace looking for structural flaws in buildings. He was later hired by PDI which created Shrek. Later it surfaced in a SIGGRAPH short called The Campanile Movie.