I'll give it a go;
1: Constant fiddling with drivers and settings. No, I update my graphics drivers about once every two months or so, the process is entirely automatic and can usually be performed in the background. Drivers for motherboard, sound card, HDD and SSD, optical readers and network gear is usually out of the box and practically never needs updating. GPU's are the only components which require frequent or semi-frequent updating. The firmware updates and various app updates on consoles are an equal hassle, sometimes more since the servers are terribly slow (especially on PS). I've also experienced not being able to play a new game at all (GTA V) because I lacked the newest firmware on my PS3 when I was without a connection for 2 months, the game simply would not start and I was forced to bring my PS3 to a friend's house across town, ride 30 minutes of trains and bus each direction simply to update it, this has never happened to me on PC ever since we entered the modern era of gaming (I've also spent 3-4 hours waiting for Gran Turismo 5 and 6 to update after not having played them for a while).
As for settings; I'm assuming you're talking about games here. Never have I "constantly fiddled" with settings in games, I buy the games, install them and then choose every setting and bind the keys and then I play the game, usually never touching the setting ever again until I'm done with the game, so that part is an outright lie at least.
2: Frequent upgrades required; no. I had my last rig for 5 years and it was in the upper middle segment of performance when I bought it, I never so much as replaced a single component in it. It was still fully functional and even ran the newest games, but I wanted more oomph and decided on a new one (and went balls-to the walls). This is among the favorite arguments of console gamers, but it's also an outright lie. Frequent upgrades are not required, my current rig can probably go for 7-8 years if I add another GPU on SLi setup, with no other components replaced, it won't max them but run them at least (1080p and unstable 30 FPS console gaming isn't anything to shower with pride either imo).
I guess it comes to to your definition of "frequent", but to me, every 5 years or so is not frequent, that's actually more or less in line with most console lifecycles for early adopters (with One and PS4 being exceptions and not the rule, PS3 and 360 had unnatrually long lives due to the HD era being ushered in).
3: Requires extra space to set up desktop, monitor and input devices. My monitor is huge (32") and my desktop is a Big Tower as well, it easily fits in my 1 room appartment of around 37 square meters though, and I also have a 46" TV here. My input devices are as follows; a Logitech 2.1 system with the small speakers placed on each side of the monitor on my fairly small desk and the bass placed directly below on the floor, an HD camera for Skype on top of the monitor and currently a Xbox 360 controller I use for FIFA. That's not really a terrible hassle and my screen and tower is vastly bigger than average. Besides; the TV + console + possible surround takes up a lot more room, so this is a non-argument at best and seems like serious grasping at straws.
If you can't afford living conditions that will fit a desk and a desktop computer, you probably don't have cash to spend on console gaming and a decent TV either.
4: Having to play with kb/m in MP just because everyone else is. Another non-argument; "the majority of users are using a controller setup I don't like, the platform is unfit for me." That's just personal preference. I hate playing FPS games and most RPG's with controllers, that doesn't mean that I complain about people playing Battlefield on PS and Xbox and state that I can't buy those consoles because other gamers are using controllers I don't like.
Keyboard + mouse is superior in every way on FPS and 3rd person games, as well as RTS and RPG's with lots of shortcuts and hotkeys; the fact that you don't like it personally is not an argument against PC gaming in general from any objective standpoint.
These are not proper arguments at all, they're either false or simply completely subjective and/or irrelevant. It's fine that you don't appreciate or like PC gaming, I can understand it on some level, but the above points are not fit to dismiss PC gaming as a whole.
There are a hundred arguments of the same nature I could use against consoles, but I don't because I see their lack of value in the discussion.
Some prefer console gaming (I did too for many years) and some prefer PC gaming and that's fine, we can't really "defeat" the other' preferences by imposing our own, especially with non-arguments and personal anecdotes on likes and dislikes.