No, NO. MP3 is easily the best action shooter in a long time. I have played the first 2 so it's not that I have no perspective on the series either. Now, it is not without it's faults. It's just as linear as the first two and it does suffer from a bit from having too many cut scenes. The story is a bit predictable as well. It doesn't really have the same tone as the first two either. The first two Max Payne's are a combination of great storytelling with a great voice acting and fantastic gun play. MP3 has some great great GREAT gun play. It is challenging so it's no cakewalk like 85% of shooters we get today. Now, I liked the story, buy that probably has more to do with the fact that I love Max Payne as a character and wanted to see what has happened to him from the second MP. The multiplayer is also surprisingly deep and fleshed out. Now, I don't regret my $60 purchase, even though it's bullshit that it was $60 to begin with as opposed to $50 we PC gamers are accustomed to with new releases. If your on the fence with it, and would not feel comfortable paying $60, i'd say if it hit $20 or $30 it'd be a tremendous value that isn't too high risk.
Though I will say, I respect your opinion good sir, and can not fault you for not liking it.