"Only players in the view of the player that is doing the bullet time are effected by the bullet time." ^WTF? That doesn't work, if i go into bullet time and some guy is behind me then he can walk up to me in mid slow mo and shoot me in the back while i'm moving super slow to him. And how much would that suck to be the guy…
No think about it. If it affects those in his view it must also affect those who are looking at him otherwise as you pointed out, the fast guys would shoot the slow guys and it'd look stupid.