The Matrix came out in 1999. That's twelve freakin' years ago. Back then, the "bullet time" time-slice filming technique was brand new, but as CGI has taken over, it seems like bullet-time has faded away over the last decade. Except, apparently, for surfing. And bullet-time surfing is awesome.
It took an array of 52 Canon cameras set up in a giant wave pool in Malaysia's Sunway Lagoon Hotel to capture this footage, which provides enough slightly different views of a moving subject to create a not quite 3D but still very impressive multi-angle perspective. The same guys also bolted together what looks to be about 20 or 30 GoPro cameras and took them out into the ocean to capture surfers performing in their natural habitat.
The vids below show what they came up with, and it's worth sitting through all the surfing apparel mumbo-jumbo to see the result.