No, it wasn't running in bullet time unfortunately.

That was the problem and why I was complaining. It cuts back to real-time when Kirito makes the stab, the guy yells out in real-time, and his health bar slowly goes down in real-time, like it does in all SAO-based games. You can tell from the audio for certain, but the visuals alone will tell you that wasn't slowed down anymore. Kirito's luscious locks would be flowing at dangerously oscillating speeds if it was still slowed down.

It's 20 seconds when you time it out, but I feel the point stands.