Actually that looks quite good in places. I like the Payne Killer mode idea (where you assume the Max Payne identity and are harder to take down). Is that a unique multiplayer concept or not I wonder?
Not sure about the bullet time mode though. Or third person perspective for that matter! As for lag/lag compensation and bullet time. That can best be summed up by a smiley I feel. This one to be precise:
Overall though, I'm not convinced by that multiplayer trailer. It looked a little bit more than just a little bit aimless, all those players seemed to be acting like dumb AI running altogether into a hail of bullets with no cover at all and dying of course. It makes me suspect they've not properly play tested that part at least as there's no indication anyone actually knows what they're doing. If they are practised, then that's somewhat worse as it indicates there's nothing to actually do other than run straight into wide open areas and be shot down in a hail of bullets. So what's worse?
Single player will hopefully make up for it. Plus possibly a single player co-op mode? One where two real people can play the game would be cool but not relying on Windows Live or whatever it's called (for us PC players).