I've been playing a good bit of Max Payne 3's multiplayer. I was very surprised at how polished it is.
That said, I've been playing mostly deathmatch (8-player free-for-all), and I've found SMGs and rifles feel underpowered.
Sniper rifles notwithstanding, I haven't found a rifle that works better than dual or even single Bulls (the magnum revolvers). After all, the revolvers, at least with the mod to reduce damage drop-off, seem to have similar range and better accuracy, and while their fire rate is lower their single shot damage is better.
Likewise, two-handed SMGs seem totally eclipsed by simple combos like 1911/M10, filling the medium-range gap with the 1911's (or other pistol with compensator) reach, and much more devastating at close range.
Now, I've had moderate luck with the .40 cal SMG, as it seems to hold its accuracy okay, but it's definitely nothing to write home about, and all the automatic rifles seem to have horrible accuracy degradation, with slow recovery. The Mini-30 is pretty decent, but it's hard to justify using that over dual Bulls... although I guess that's just an indication that the Bulls are overpowered.
It's sort of disappointing, since I like engaging in the medium-to-long range area, but rifles, which should be best there, are pretty lackluster.
TL;DR: y rifles suck? D: