The action in a scene is speeded-up and the camera is either static or moving very short distances under control of some sort of motorized motion rig.
Hyperlapse is a new form of timelapse.
It enables the camera to be moved over considerable distances. This movement can occur across relatively uneven terrain, can pass without disturbance through crowded situations, and allows for fully controlled complex motion paths and camera angle changes.
The videos on this page contain many examples of this technique.