You shouldn't put costs in a graphics discussion, it is just what technology will give you better graphics. I think PCs will but you will need to spend lots of money to get way better graphics. So yes, PC gaming parts might be a little complex but if you get all the best stuff, you should be able to get the best graphics- games just need to be made to utilize those graphical capabilities.
Also if you focus on price then you should ask yourself. Do you want a everyday use PC (email, messenger,surf) or a gaming/everyday PC. A good everyday PC would cost around $400 (monitor included), a good gaming/everyday PC would cost around $700 (monitor included, check newegg and other sites for deals like rebates).
You should minus $400 from the $700 because you and everyone needs a computer now a days so you shouldn't count that- everyone does not need a gaming console. Then add in the fact of the mod community, yes consoles have DLC now but mods essentially can give you whole new games. I played for years all the half life mods, I barely brought any new games- mods like Natural Selection, Zombie Panic, Empires, and others. Also you get PC AND consoles games.
Bioshock? I'll buy that for few dollars in a steam special. Call of Duty, also in a steam special price. Dead Space, FallOut 3- the same thing. You can essentially just be a PC owner and a Xbox/PS3 owner at the same time with just a PC.
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