Not to be confused with Time Scale
Time is very similar to Time Scale. Both Timescale and Time increase the local passing of time for a hero possessing it, but they affect different things.
While Timescale doesn't affect weapon speed or movement speed, Time does, as well as affecting everything that Timescale does.
Abilities that affect TimeEdit
Prelate.Zeratul's Ultimate: Chronosphere decreases time in a radius by 1000%. Essentially, as seen ingame, all heroes (except the casting Zeratul, as he's immune) will slow down precisely 10x. Their movement, weapon speed, regen, cooldowns and buffs/debuffs/channelled abilities will all slow down immensely.
Shadow.Geminus' Ultimate: Shadow Walk increases Shadow's Time by 60% in a radius of 7/10/13. Again, Shadow will speed up to 1.6x his normal movement speed and weapon speed, and his regen, cooldowns, and buffs/debuffs will speed up in function as well.
Bullet Time is a mechanic introduced in v4.0. The closer that two enemy heroes are together, the slower ingame time becomes globally.
Pretty self explanitory, but the general idea is that the game itself slows down when two enemy heroes are close to one another.