Well, maybe not what you think about, but here goes anyway:
Check out the venerable Earthworm Jim 2 on the SNES. The starting weapon of Jim was a gun that was shooting normal bullets. You got an insane amount of muzzle flash, and a satisfying amount of impact effects, but the bullets where invisible in between, with enemies taking damage if they came into the imaginary line of fire between the muzzle and the place where the bullets would impact (pretty much like in reality)... shots hit instantly, without travel time.
The weapon was automatic, with ammunition counting down while you hold down the trigger, and enemies taking damage the longer they stayed in the line of fire (thus simulating a "stream of bullets" quite accuratly for its time).
Made for quite a different expierience compared to the shooters of the day. Well, most probably was greenlit BECAUSE this wasn't a shooter but more a wacky jump-n-run. Evading bullets and having to hit enemies wasn't the core mechanic, so the designers most probably felt more like experimenting with the formula.
IMO it worked quite well. Instead of jumping out of the way of bullets, you had to come up with ways to not get into the line of fire in the first place, or to quickly take out enemies with weapons before they could fire. But then, I didn't play too much of the game...
Don't know if this was already the case in Earthworm Jim, given I haven't played that for over 20 years now. But if I remember correctly, the gun of the protagonist had a similar behaviour in that game, just with less flashy effects than in the sequel.
EDIT:
achild beat me to it. Yes, it worked surprisingly well. I think the game was far ahead of its time in many things (amongst it the wacky humour making fun of many videogame tropes at the time).