After an error on rental service, RedBox website (spotted by Wario64 on the NeoGAF forums), Rockstar has confirmed that Max Payne 3 will ship on two discs for the Xbox 360. They further clarified that the first disc will contain the first half of the campaign and the multiplayer modes while the second disc holds the second story act.
The initial confusion was caused when RedBox posted in error that the games multiplayer requited both discs to function. Rockstar confirmed it does not.
There seems to be quite a lot going in to the visuals and animations of Max Payne 3. That and the fact the game is 35 gigs on PC makes the fact that it requires two discs on 360 completely unsurprising.
No matter. I can't see one disc-change ruining the fun.