^^ Ergonomics with PC in the living room takes some effort for sure.
My personal solution is to use a wireless gamepad (for the games that support it), and we also keep a wireless kb/touchpad one-piece around for HTPC use, and for games that absolutely need a mouse, we have a wireless mouse to use next to that, on a lift-top adjustable coffee table. The coffee table was expensive, but it's cool, you can sit on the couch comfortably, and with one finger, you can lift the top up and forwards to perfectly sit in front of you for playing BF4, Diablo 3, etc. Also extremely nice to plop a bowl of popcorn on :)
I split my PC gaming time between the living room rig and the bedroom rig. With a baby, I end up being in the living room a lot more than I used to be. I really need to upgrade that HTPC rig more. Right now it's 4770K @ 4.5, 16GB DDR3-2133, Single 7950 3GB, 256GB Toshiba Q-Series Pro SSD, 12TB DriveBender array, on a 55" 1080P 3D Plasma. Best part about living room is a truly ridiculous audio setup that would take too long to list, but it really brings the games home. Bedroom is 3770K @ 4.8, 32GB DDR3-2400, SLI 770 4GB OC Edition, 512GB Samsung 840 Pro Raid, 6TB DriveBender Array, 30" 2560x1600 60hz IPS display, and 27" 2560x1440 120hz IPS Display, and some okay speakers. When 870/880 launches, I'll move the 770s over to the HTPC.
I love the consoles as well, but was deeply disappointed in the XB1. PS4 will get a lot of play time with the XIM and Destiny, Driveclub, etc. I'm still waiting on the U, but that will come this holiday I hope.
I'm not a PC elitist by any stretch, but with the right setup, it's extremely convenient and offers insane performance. PCs and Consoles have their own pros/cons.