Some series have the best game be the 3rd game (Metal Gear Solid for example.). Max Payne 3 isn't a bad game but it's like Shrek 3. It's not really bad, it's just that the first two were better. The way the story is told is a huge step down and sometimes feels like they're just taking the piss. Gameplay wise I'm not a fan of waist high walls or the cover system as I feel it's something best left for slower games like Uncharted. Also I hate the weapon system compared to the first two games (THANKS CONSOLES) but other than that I'd rate it a fair bit behind Max Payne 2.
Still at the end of the day it's just fun to shoot bad guys in slow motion while diving over a railing.