Ugh, I didn't think this bullshit would spread here.
Yeah, that's the old engine.
Max Payne 3 shown off the new engine, which amazing enough works on the PC and PS3 to! Just compare GTA IV and Max Payne 3 on the PC to get an idea of the changes. GTA IV and RDR (and Midnight Club LA) were using a port build on the PS3 just like the PC got, so yeah, it was rendered in a lower res and has some minor things missing.
But now compare Max Payne 3 on the consoles, both versions run at 720p and the PS3 version isn't really missing anything apart from a row of lights in the football stadium level.The Water Effects thing is an odd one because the PC version uses the same as the PS3, and personally, the Xbox 360 water Effects look a bit too much at times, it's not that the platforms can't handle them, the PS3 has them later on during the mad boat chase, where it looks like it should be, etc.