Editing this as it seems pretty high up in the Google results now...
Originally Posted by slowmovideo.granjow.net
So the video above was a very quick test... Made this with slowmovideo, a free alternative to Twixtor. (Results may be better with a bit more time spent on it!) There are now both Linux and Windows versions available for download from http://slowmovideo.granjow.net.
I am currently working on producing more clips using the software, as well as a basic tutorial for how to install and use it, and experimenting with the possibility of using it to produce a Matrix style 'bullet time' effect.
Watch this space!