Remember how revolutionary that bullet shot in the matrix was? It was also a few dozens cameras, a full-scale Chroma room and a budget that would probably be enough for a mid-sized indie film. But the effect is totally worth it.
Orcavue took that ceiling fan concept and made it into a product. I guess I can only describe their rig as an upside down biggish ceiling fan with a camera on its arm.
The arm on the Orcavue revolves at 1-2 revolutions per second, and combined with a high FPS camera – say a 120FPS, $500 GoPro – it can create some cool bullet time effects. The team recommends slowing the camera even further in post (say using Twixtor) to get a really slow shot.