Max Payne 2's physics and gunplay are cool but the story is so tedious and told in such a sombre way that it sucks all the fun out for me.
Max Payne 1's ridiculous campiness is just as crucial to the game's success as the revolutionary game mechanics are. Max Payne 2 builds on those mechanics fantastically but lacks Sam Lake's shit-eating grin, Max grimly joking his way through everything, and the entire story takes itself seriously in a way that Max Payne 1 never did - quite the opposite, Max Payne 1 seemed to be taking the piss half the time. Nothing in Max Payne 2 even comes close to the beautifully manic shit in MP1's final act, with the underground lab explosion and the inexplicable attack helicopter chasing you across the side of the skyscraper.
Max Payne 2 has plenty of merits but, when gaming history is looked back on, Max Payne 1 is going to be the game people idolise and go back to play for years to come, with Max Payne 2 as a footnote and Max Payne 3 best left unmentioned.
I don't mind the dream sequences in Max Payne either - the only properly bullshit part is the blood maze but I feel like people overstate how bad it is. It does suck but as long as your hand-eye-coordination is on par with the average chimpanzee, you'll spend no more than 5 minutes tops on it.