After toying around with some settings I discovered something that I found pretty fun, so I thought I'd share it with you all.

The gif doesn't quite do it justice. Essentially, this mod allows you to enable a very smooth form of slow motion in-game. If you were around during older builds of CC, it's very similar to the effect you used to get by holding the 2 key. There's no choppiness whatsoever. The best part is, you can still aim at full speed while moving slowly, so you can have matrix-style slow-motion shootouts.
The mod comes with two items: the slow-motion watch, and the slow-motion brain. With the watch, you can use slow-motion powers until the actor equipped with it dies. Just order it, take it out, press FIRE, and it's enabled. With the brain, you can use slow motion any time, and while controlling any actor.
In both cases, press F to enable slow-motion. You can change this button - just open the console by pressing ~, then type BindSlomoButton() and press enter. Then, press a key, and it will become the slow-motion key.
The Time Scaler Brain allows you to set your own speed for slow motion. Just press left and right while it's selected to change time's speed, then press F to enable or disable it.
If you start the game up after using this mod and it's stuck in slow motion, let me know in the topic. I think I've ironed that bug out, but if not, I can help you fix it.

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Known bugs:

People spin like crazy after dying in slow motion, then explode when they spin too fast. I've put code in place to reduce this effect, but there's still chances it'll happen. It looks cool though, so maybe that's a feature?
In slow motion, glows last longer. Some mods (including my own) that rely on glows will look a little brighter or leave trails.
Closing the game while in bullet time will get your game stuck in bullet time next time it starts up. Go to Settings.ini and change DeltaTime to 0.016667 to fix this. If all else fails, try installing to a different directory.
Switching actors while in bullettime causes aim to wobble for a second.

This is just what I wanted in requests! WOOHOO!

I really like the fun things that happen when you die.

You know, I actually didn't even see that thread. Glad you enjoyed it, though.

Looks like if you close the game accidentally while slow motion is running it stays in slow motion, except hackier.

Huh, you didn't even change timescale.. Are you relying on lag, or did I just miss something?

Very nice for many purposes, 10/10. I don't really have anything else to say, it's basically flawless.

Go to Settings.ini, and make sure that DeltaTime is set to 0.016667. Unfortunately, that's a bit of a side-effect of this. I've got it as close to not doing that as I can, but there's only so much I can do.

This is amazing. I love to jetpack over a hill and go slow-motion in mid air as I gun down the coalition on the other side. You just made it a lot funner for me. This also means I could do slow-motion door breaches as well.

Is AirResistance a Lua settable value? If it is, you could probably reduce and increase it as you turn the slow-mo on and off. Though that leaves the fairly laggy problem of setting the AirResistance of new particles as they appear. It would also probably conflict with any other mod that sets AirResistance.

Unfortunately, I'm pretty certain that Lua doesn't have access to air resistance. Otherwise I would have implemented something along the lines of what you said.

Damn. I guess we'll have to wait for Data to fix it then.

In the mean time, no flamers, no mauler, no revolver cannon.

One can always replace those weapons' fired thing with a custon one that comes with the mod.

Not really. I can't determine what has air resistance and what doesn't with Lua aside from checking their names, but that doesn't extend to mods. It's too much work for something that in the end will be buggy and not as functional as you'd hope.