Yeah, I agree. I was never impressed with Bullet time. It seems like such a pedestrian way to make a scene without any inherent emotion seem exciting, but for me, it has the opposite effect. in any case, if they are so desperate that they need to use bullet time to ellicit an emotion out of the viewer, they have forgotten about real story-telling. i even hate when bullet time-type shots are used in films I kind of like (like I, Robot) because it's so distracting.
Here's the thing about slow motion. it only only works when it punctuates a story point. When the orcs and goblins break down the door to Balin's tomb in FOTR that battle is shown in real time as a real battle where you can't even count the number of foes that are there.. it only goes to slow-motion when Frodo is injured.
I almost think that doing that wasn't necessary, but at least Jackson wasn't doing it just because it looked cool.