Specced Bullet time on a Versatility pistol build with 18 Dexterity and Gunslinger. Using a .44 Hammerer. Seems too good to be true. Doesn't take Gunslinger into account before applying AP reduction, maybe even Dexterity.
Before activating Bullet Time: AP cost is 12.
After Activating Bullet Time: Ap cost is 4.