Well, strictly speaking PCs never lost their graphics crown. That's more or less impossible as by the time a console spec is locked and hits the shelves the Graphics cards they contain will be weaker than the latest PC equivalents.
However, what is happening is less developers are putting big bets on PC games to use that power (or so it seems to me).
I think this is partly MMO angle - MMO's rarely push graphics - and partly the fact that most big PC titles now are actually on console too. Sure, sometimes the PC version is given proper care (CoD4) and looks way better than on a console, but often the PC title seems to be given a slight graphics upgrade from the console version and not much more or is a poor port and very buggy.
Try to be reasonable... its easier than you think...
