Video by Literalmente{Game} (Jan 20, 2018) showing similar stuff as the OP's screenshots above. Build used: 984e2bd5.
Near full speed in-game.
Edit (20/03/2018): Heavy regressions across the board!
No intro splash screens are shown, menu is blacked out - just some garbled text in lists are seen.
In-game GFX have a loop of three different sets of heavily corrupt render walls/draws bunched around or in collision with the PC. Gameplay hangs very soon after it started and the PC moved around.
Edit (08/04/2018):
Crispy and beautiful. In fact, not only is everything (Intros, menus, cutscenes, game, etc) shown but it all looks totally perfect to my short glance! No errors, perhaps (But near the end there's a moment where after a simple jump the screen flashes but it could be normal)!
Edit (10/04/2018): Thanks to Literalmente-Game, he suggests that this game is not perfect yet. Says that it does crash randomly in different sessions. Thus, the whole team must investigate the cause of these same crashes. Could it be the game's trying to load in new data but can't, or there's an overflow in the memory management unit?
Received an external error message:
Exception Code 0xC0000005 @ EIP :=0x04063694
Max Payne in-game CxBx-Reloaded (Teste 1,emulador de XBox) (Literalmente{Game}. Published on Apr 9, 2018. Build: PR#1045.)
Test 2 (After loading Chapter 2, the game hanged and exhibited the same error above.),
Test 3 (Same crash during a comic-style vignette cutscene.).
4th test. Similar crash as 2nd test, as the game hanged right after loading Chapter 3.
Test 4 (Apr 10, 2018),
Test 5 (Crashes upon end of Chapter 4's load screen.),
Test 6 (This is weird. Hangs with that same message right mid-level, as Max runs to one set of double wooden doors.).
April 13-15, 2018. Further tests (Same PR#1045 build). These common crashes are possibly caused by the auto-save function not working properly all the time; or regressing some data later on.
Test 7 (Runs through several load screens in Chapters 4-5 but crashes more than one minute after the latest one at the end of the video...),
Test 8 (Similar crash to Test 7 that occurred just over a minute after the load screen for Chapter 6 ended. SIMILAR TIME LENGTH as the prior video!),
Test 9 (Crashes less than 15 seconds after the end of the latest load screen for Chapter 6).
Failed locally on 90e55d3c:
[0x4438] MAIN: Received Exception (Code := 0xC00000FD)
EIP := 0x040B5B99
EFL := 0x00010246
EAX := 0x00000000 EBX := 0x00000001 ECX := 0x00000001 EDX := 0x00000003
ESI := 0x0D53311C EDI := 0x0D5331C4 ESP := 0x0D533000 EBP := 0x80000001
CR2 := 0x00000000
Full KrnlDebug.txt: KrnlDebug.txt
Retest with 15335306:
Opening prerendered cutscene played first scene and then went black. Warning and loading screen right after showed up properly:


Main menu renders properly with animations, text, and music.

I also suspect there is a rendering issue in-game (all animations play, sounds seem right, otherwise):

Of note, a previous build (unfortunately I did not write down which) rendered the game near-perfectly, but ended up crashing when attempting to start a new game after finishing the tutorial.
The stable release build runs the game without the half screen missing and at full speed. The opening FMV plays completely too. The only problem is that sound is missing when ingame.

This game runs pretty well. The sound is working fine now, but there are some graphical glitches when in game.
I face the following error - game does not even show the menu. Found the solution - this error is related to the European version. US version works with CXBX Reloaded.