Topic on User talk:Tomas.
I think the only way to verify it clearly would be trying to inject DSOAL to achieve HRTF, but as dearest from all my friends - I Drink Lava reports, DSOAL doesn't work at all with both of them. Still, maybe some other versions of DSOAL will, like in Spearhead. Didn't check.
Anyway, for now, if you don't possess good enough equipment to assess changes in sound, you can record game sound twice with, and without Alchemy, and compare sound in Spek to distinguish the difference.
Of course, there is still a chance to set up an old config on Windows XP, and try to look whether 3D sound appears on XP.
Honestly, I'd say that sound stage could be also better with Alchemy in Max Payne 3. If you don't have Creative sound card, you can read thedarkmod thread about alchemy for all, or use IndirectSound, but it sounds worse than Alchemy imho.
Very similar thing like with Max Payne 3, is with Battlefield 3. It cooperates with IndirectSound only. It is described as being RWAudioCore, but the same name of API was in Carbon, which greatly benefits from Alchemy. It turns out, that dsound wrapper also influences the sound of BF3 too (larger soundstage).
I try to say that, it seems like there are different levels of implementing DirectSound, and it is possible that those newer games have partial implementation of dsound, and usually in such cases, dsoal goes crazy, which somehow keeps the story together.