It's not "bullet-time" it's "slow motion" and it's been around since Nintendo NES.
If you're looking at it as "slow motion", you haven't gotten the point. Whatever the snazzy gimmicky name, it's an integral
part of the gameplay, and that's a first in gaming history as far as I know.
And this "impressive story?" It mimmicks virtually every cop movie released in the 80s.
Well, that's the point. The story designed to be a gritty thriller, which lends a lot to old movies, while the action-sequences are borrowing heavily from HK-action flicks.
But about the price; $50 is way too much. $20 is what I would judge as a "right" price (imo ofcourse).