The updates 100216 and 100272 for Max Payne 3 seem to have some notable changes. While I couldn't find an exhaustive changelog, here are some interesting features and fixes that were reported:
Corrected an issue where explosive kills were not registering correctly in Arcade Mode System Compatibility
The single most useful feature in the 100272 update compared to 100216 is:
: Directly resolves a bug where the final cutscene would fail to play or crash due to video format issues. Launcher Stability
If you are looking to make the experience even better beyond the official update:
: Recent updates were primarily aimed at maintaining backend services like cloud storage rather than improving the game engine or graphics. Verdict: Which is "Better"?