Rockstar Games has released a patch for Max Payne 3. You should be prompted to updated when you start the game.
Latest Patch: 6/26/12
-Multiplayer tuning, including spawn point tweaking, improvements to stability/load times and weapon balancing.
-Reduction of Hardcore Playlist requirement from 5,000 to 1,000
-Fix for gold textures not unlocking on DLC weapons
-Fix for XP display not incrementing between Rank 49 and Rank 50
-Fix for issue where game could autosave immediately before a death screen
-Fix for Rank 50 trophy not unlocking
-Fix for Unlimited Bullet Time cheat not unlocking
-Improvements to game security
-Various bug/stability fixes
-MSAA white outline fix
-Various multihead improvements
-Text chat added to lobbies by default
-Mouse acceleration setting added to controls menu
-Aspect ratio setting added to the graphics menu
* Fixed reported issues with needing service packs, compatibility with incorrect OS.
* Fixed a range of issues which could have led to crashes on startup and in-game.
* Fixed reported issues of audio dropouts when no audio device was plugged in, or when the headphones/speakers disconnected while in game.
* Fixed reported issues of mouse being sluggish, especially in prone and Shootdodge™. Increased top end range of mouse sensitivity, but kept the slider from 1-10, allowing the user more range in their sensitivity setting.
* Fixed reported issues of mouse acceleration affecting aiming, included commandline option to disable mouse acceleration, -nomouseaccel (In a future update, this will be added as an option in the Mouse Controls menu).
Stretched Image / Wrong Aspect Ratio
* Fixed reported issues of game locked in incorrect aspect ratio, or alt-entering and having incorrect aspect ratio. Added commandline option for locked aspect ratio as commandline option -aspectratio width:height (ie. -aspectratio 4:3 / -aspectratio 16:9) In a future update, this will be added as an option in the Graphics menu.
Video Memory Reporting as 0MB
* Fixed reported issues of the video card reporting having 0MB of video memory available. Users unable to adjust Graphics options because of this (Also helps fix stuttering on some video cards).
We are aware of a few outstanding issues including multiplayer cheaters and hackers. Rest assured this will be dealt with in a forthcoming patch.