The main feature is the bullet time. You have the option to perform a move called a shootdodge. This makes Max leap out and slow time to get an advantage in a gunfight. You will really get into it after a little bit. The bullet time works perfectly to give you the feeling that you're in your own action movie. I don't honestly know of any game that lets you leap out from behind a corner in bullet time, shoot two enemies and then shoot another man as you slide across the floor while time speeds back up. It looks as cool as it sounds.
The guns are fairly varied but they are almost realistic to a fault. A pistol shot to the head kills an enemy just as well as a shot from an assault rifle. This means that the weapons are basically just the same. You have pistols, shotguns, assault rifles, and a grenade launcher to fill up your arsenal, but it doesn't feel like it matters much. The AI is at least satisfying though, especially for such an old game. There really weren't any head scratcher moments of terrible AI stupidity, which is an accomplish for a modern game. It may be a little old, but the enemies will still challenge you.
Another cool feature is the graphic novel style of storytelling. The story is told in the form of illustrated stills that build a graphic novel as you go along. The style just clicks perfectly with the game and Max's monologues to give an exciting cinematic experience. It's something that will stick with you if you are a fan of the genre.