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When consoles come out, they'll have power close to PC's. However, with the ever increasing advances in hardware and the potential of upgrading PC's while consoles are on fixed hardware configurations (in terms of CPU, GPU, ect), consoles will get left in the dust soon after they launch.

Also, there was another thread about the Moore's law thing. If I recall, people seemed to agree that other methods of technological advancement would be utalized and that would further bring about new changes.