The real reason PC graphics aren't making consoles look like a joke yet is because of piracy. Everywhere you look, PC games are being pirated. Developers aren't spending as much as they used to on new PC games because internet piracy yields lower profits.
I built a budget gaming rig instead of buying a 360 1.5 years ago, because as much of a hassle PC's are, I'd rather have a working PC than a broken console. It cost me about $500 to build my PC, and although it isn't as powerful as I'd like it to be, it can still play all those multiplatform games at much better resolutions and framerates than their console counterparts.
In my opinion, PC's will never outpace consoles the way they used to, due to piracy. Cheap indie games and subscription MMO's have taken over on PC's as far as I'm concerned, because those are the only ways PC's can really get around piracy (honestly, who pirates $5-15 games?).
Currently playing: Uncharted: Drake's Fortune, NBA2k11, Metal Gear Solid, Picross 3d
