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Could be a visual representation of Valkyrie (the drug in the game) or the fallen angels that have been mentioned before.
For those who don't remember the fallen angels, the addicts, including the 'boss' for act I (in club Ragnarok), ramble on about the 'flesh of fallen angels' all the time. Could be that they have mixed those with the nightmare sequences. If not, I do wonder what they will do with the nightmare sequences, sure hope they keep them in and making them as disturbing as they were in the game (without the balancing on thin lines ofcourse :P).
It's probably that, or they are really going to mess it up.
I can see Mark Wahlberg playing Max, although there are probably actors who would suit the role better.
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