Hey - I never played Max Payne before. I downloaded the 1.05 demo (trying a lot of things lately).
I set up as:
All detail settings at the MAX
x16 ansiotropic filtering
Man - the game runs as smooth as silk. I must go buy it now. IT IS SO COOL, to be able to play a game smoothly with every bit of graphic goodness that the game engine and FSAA can provide.