There are a lot of people who worship the Matrix (specially the first one), and I am one of them. It is just awesome. My coworker has not seen it yet (wtf!), and I envy him a lot, as I would really really love to relive the existential feelings, doubts and questions I have had for days after seeing the movie. If you ask me, the movie somehow changed the world and the way we look at it.
Besides the amazing plot there are a few other approaches that made it a cult. It's dark and gothic, everybody is wearing cool clothes and glasses, and the movement and slow motion bits are just plain sexy. And of course, we all love Trinity's first jump, as the camera moves around her in the air.
This technology is called Bullet time and it has been used in different variations. The guys in the following film took this approach to another level. Ok, two levels up at least. I don't know how they did it, but they did it. Behold the Carousel.