http://www.slomovideo.com/slowhow.html
Slow motion cinematography is the result of playing back frames for a longer duration than they were exposed. For example, if you expose 240 frames of film in one second, then play them back at 24 fps, the resulting movie is 10 times longer (slower) than the original filmed event….
Film cameras are relatively simple mechanical devices that allow you to crank up the speed to whatever rate the shutter and pull-down mechanism allow. Some film cameras can operate at 2,500 fps or higher (although film shot in these cameras often needs some readjustment in postproduction). Video, on the other hand, is always captured, recorded, and played back at a fixed rate, with a current limit around 60fps. This makes extreme slow motion effects harder to achieve (and less elegant) on video, because slowing down the video results in each frame held still on the screen for a long time, whereas with high-frame-rate film there are plenty of frames to fill the longer durations of time. On video, the slow motion effect is more like a slide show than smooth, continuous motion.
One obvious solution is to shoot film at high speed, then transfer it to video (a case where film still has a clear advantage, sorry George). Another possibility is to cross dissolve or blur from one frame to the next. This adds a smooth transition from one still frame to the next. The blur reduces the sharpness of the image, and compared to slowing down images shot at a high frame rate, this is somewhat of a cheat. However, there isn’t much you can do about it until video can be recorded at much higher rates. Of course, many film cameras can’t shoot at high frame rates either, so the whole super-slow-motion endeavor is somewhat specialized no matter what medium you are using. (There are some high speed digital cameras available now that allow you to capture lots of digital frames directly to your computer, so technology is starting to catch up with film. However, this feature isn’t going to appear in consumer camcorders any time soon.)