Its basically something that I had been waiting for a heck of a long time.
Its FEAR without stupid settings (though I will miss cool weapons and MECH!). Well, technically the only similarity, really, is the bullet time, and the bullet time FPS can probably be said to be started from Max Payne.
Did you play first and second Max Payne? I think if you pre-order from steam, you get the first two for free. At least I have seen them in the game list in the library.
From what I have seen and heard so far, its going to be an awesome game in terms of a lot of different areas. But mainly its ballistics.
Its got technological advances in ballistics system, where each bullet is rendered in real time, which is also affected by external factors, combined with authentic (may not be realistic) effects on environment. It also features the most realistic character animation during combat/movement, where sudden/slow turns, stops, and aiming all have fluid and accurate motions.