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As an FYI for people in this thread, orbiting a camera around an object is not Matrix-style motion. It has nothing to do with the flo-mo FX used in the movie (which are actually discreet, not continuous). If anyone has the VHS or movie DVD, you should listen to Johh Gaeta's description of the technique. You can also find a good writeup in the archives of VFXPro.
An approximation in a CG environment involves variable-speed camera motion and is a bit more complex than a simple orbit in the standalone package or basic path animation in a 3D package. People were orbiting cameras around objects and path-animating them in CG packages long before the Warchowski brothers even thought of the movie concept.
err... i thought the flo-mo FX is to take the orbiting camera concept from CG environment to real life... since u can't possibly freeze an actor in real life that's why they use multiple cameras and fill in the gap between them to get the illusion of orbiting camera. In that case it should be a lot easier to do that FX in CG environment since the motion of the object is totally under control.