I had this idea 9 months before I saw (or even had heard of) The Matrix - you can ask my art teachers at my school!
The only difference is the shoe-string budget: that's four uncalibrated VHS video cameras and some hot air.
Check out the video, which is the result of some morphing I managed to do several years later.
The bullet time technique that was used in The Matrix is just a ramped up version of this. They used many computer-controlled SLR cameras and special image morphing software to achieve the famous special effects (see Wikipedia for more detail). I just used four video cameras looking at roughly the same point, primitive morphing software, no computer control and no chroma key. Hence the difference in quality!