Yeah Cazor, I don't think Bullet Time is such a hot idea, but putting it in as a pickup item or something would be good.
I was thinking along the lines of using the Force meter and turning it into a Bullet Time Meter. It fills slowly, and when a player activates it, it will slow down everyone and drain the bullet time meter of the person who activated it rapidly. The player can deactivate it with the same hotkey, or let the meter run out.
Of course, you might want to make sure the meter fills slowly enough so that bullet time happens as sparingly as possible, and so it can't be rapidly toggled alot by a n00b... and make sure to test the effects of two people fighting while a third turns bullet mode on and off, to see how disruptive it is.
With this method, the more people in-game, the more times Bullet Time will be used...
How about filling the Bullet Time meters be done with respect to the number of people in game... the more people, the slower the meter fills, so Bullet Time is used less often.
So, how do you like that idea, eh?
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