Time Freeze Sequences...

[leopard]

I mean in bullet time there isn't a real camera moving around the subject.

Just look at this video: http://www.youtube.com/watch?v=ZlZPmABrLu8
and at its making of:



As you can see, many cameras (generally placed around the subject) take one photo at the same time.
Later, in post production, those photos will be shown sequentially (i.e. First the photo taken with camera 1, then the photo taken with camera 2 and so on)
This will give you the illusion to be able to move around a "frozen" subject.

[The Claw]

Corridor Digital did an amazing Time-Freeze with CGI, Tracking, Props, Particles, etc... you can see it here:


AND here's they way they did it:


( and while I'm mentioning vids, here's a link to our first Freeze-Time attempt with tracking elements: http://www.youtube.com/watch?v=zVUlAs6F8bg I used After Effects with a Camera Tracker Plugin, but if I were to do it again, I'd plan better and use Mocha. )

[Dave ©]

I think it is a bullet time

The OPs example is not bullet time. If it were, you'd see numerous cameras setup at about 25 seconds in.