Max Payne is top notch all the way. It goes beyond a "game", it's an adventure, an experience. The storyline is the driving force of the game. Features like bullet-time and the special effects are bonuses too. It all comes together into an experience that's greater than the sum of it's parts.
RTCW is a great game and is very fun to play. For some reason, RTCW is more "fun" to play than Max Payne. But for me, RTCW is in the same league as Serious Sam. Fun to play, cool looking, but not very engrossing on the whole. One way I judge this is by how easy it is to get up from the game. RTCW is not hard to save and walk away from. With Max Payne, I lost track of time on several occasions and was only finally pulled from the computer by my hunger or by extreme sleep deprivation.
In other words, they are both great. It just depends upon what your looking for.