They said the narrative structure will be like a tv series, like each chapter being a single episode with its own story arch and cliffhanger ending. I don't think it will be released literally in episodes. I think it will be released as a full single game, i might be wrong though.
Anyway, i love max payne series, love Remedy and Sam Lake writing, so i'm really looking forward for Alan Wake, and it was inspired by Twin Peaks, my favourite tv series
