From the Rockstar press release:

Visual Effects and Cinematics focuses on the efforts to which Rockstar Studios has gone to bring a unique and powerfully cinematic presentation style to the fluid and sophisticated gunplay of Max Payne 3. The video highlights the real time motion-comic panel generator that updates the graphic novel style cutscenes made famous by the original games,  as well as a series of innovations that move the game seamlessly from cutscene to gunplay and from one chapter to the next, putting greater emphasis on the moment-to-moment shooting action, and keeping the player locked into Max’s dark and troubled narrative.