I'm not heavily invested in the Max Payne franchise, though I do own them both (thanks Steam) and am probably only 2/3rds of the way through the first MP1.
The game feels so old now that I'm not sure what people want out of a sequel coming almost 8 years after the last installment in the series. It can't play the same, that's for sure, and a return to the same setting probably wouldn't be very interesting for the people making the game.
I like the idea of telling the story over a long period of time and having the character really change throughout the course of the game. Seems like an interesting experiment, just like the Noir storytelling approach was back when MP1 first released.