"Some people say, ‘Max is a noir game and it has to be black and white and in New York,’” Barrera says. “But noir is a style not necessarily a place and a color scheme. Noir is not necessarily saxophones and big dark shadows. It’s looking at a world in a bleak way. That’s what we’re doing. It’s more contemporary."

Game Informer has just posted a 5 page preview of Max Payne 3. While it doesn't mention a whole lot of new information, it's still an interesting read on the lengths Rockstar went through to make the game look and feel just right. The preview also mentions a couple of new details about the cover and bullet time systems.

"The player has full control at all times, and is able to use the slowed down tempo of Bullet Time to pull off maneuvers that would be too difficult at full speed. One example Rockstar revealed occurs in the favela. After vaulting over a wall, Max slides down a tin roof, artfully picking off enemies on each side as he descends."

Source: Game Informer