It's definitely a time and reasources issue on PC.
You don't have to throw a stone far to hit plenty of low resource games on PC that wouldn't be approved on a console, even in PSN or XBLA format.
But he does have a point in that developers have to take the time and effort out of their R&D budget to optimize their games to run on the limited resources of consoles.
If you are a PC developer, it's a liability compared to developers who specialize on console platforms.
Then again, he's conveniently overlooking the vast majority of PCs in circulation that are similarly running with limited resources, completely incapable of playing even moderate resource games at acceptable performance levels unlike your $299 console.
I'm guessing it's just assumed that if you want to game on a PC, you either buy a new one at regular intervals (more regular than the typical console) or you upgrade your VGA card with a game specific card every 2-3 years.
