Question: What is Bullet Time and how can I use it to my advantage?
Answer: Bullet Time allows Max to slow down time. When Bullet Time is activated, game play slows but Max can still aim weapons in real-time.
Bullet Time is a limited resource and drains over time as indicated by the hourglass in the lower left hand side of the screen. Once activated, toggle Bullet Time on and off by pressing the Bullet Time Key again. For every enemy Max takes out, he will gain a little more Bullet Time. Bullet Time will also regenerate slowly during gameplay.
Take multiple enemies out quickly and the hourglass will turn different shades of yellow. If it is activated, Max goes even deeper into "the zone." Enemies are slower, but Max's movements and speed remain the same. When in Bullet Time, the deeper the shade of yellow, the more edge over the enemies Max has.
In Bullet Time, pay very close attention and dodge bullets as they fly by. This is a good way of avoiding damage in hectic gunfights. Use Bullet Time while sniping to help improve aim.
Most importantly, make full use Shootdodging and Bullet Time. Max Payne 2 can be very difficult without using these.