Who ever said anything about crappy textures and low resolution?
You are again comparing apples and oranges. They are different machines, and as a matter of fact, you can't play Crysis on any PC right now, seeing as it hasn't been released yet!
And also, there are numerous ways to optimize the game to suit your computer. You can shoot for higher resolution/lower detail, vice-versa, or any combination. If you want to get really fancy, you can go straight into the system or config ini file to tweak the game to your liking.
You want 2xFSAA? 6xFSAA? Punch in the numbers.
You want HDR? Go for it. Otherwise, leave it off.
And so on, and so forth.
But again, you are comparing a general-purpose machine to a highly-specialized machine. It's like comparing an SUV with a Formula 1 racer. The F1 racer will handily outperform the SUV in speed, but in everything else it simply can't compete.
But OK, I'm game: Frankly, for being a general-purpose machine, the PC is great at what it does. PCs aren't sold at a deficit, and they aren't subsidized by the parent company. PCs are not designed for games, and the fact that currently they can, as a whole, go toe-to-toe with console games speaks volumes about a PC as a general computer that in fact can play games. This gap, if not apparent today, will be eventually, and will simply increase in the future.
And again, you do not need a beast of a machine!
http://www.tomshardware.com/2007/05/08/system_builder_marathon/
Do read through it, DavyGee, and enlighten yourself (I mean this in a good way, not to attack you). By the way, be sure to check out the price of that rig, which is indeed cheaper than a subsidized PS3.
Some of the benchmarks include running Doom3 at a "low resolution" of 2560x1600 (I'd like to see the PS3 or any console try that on "inferior-resolution" 720p/1080i/1080p!) with "crappy" High Detail settings - at 33.3FPS!
Of course, that was without antialiasing - let's see what an "el-cheapo" PC gaming rig can accomplish with 4xFSAA@1600x1200: 38.1FPS!
So, in conclusion, yes, you can pick up a sub-$600 PC that can produce great visuals. PS3 levels? I dunno - this is a bit subjective, but can you play games on it, and without crappy textures and low res? You can bet your life on it.
Edit: Regardless of which one is more powerful (and I tend to agree that consoles get the upper hand initially but fall behind as time goes on - but honestly, I just want to have fun with my games!) do keep in mind that within two years' time, a $600 PC will blow any of today's consoles out of the water. History has a terrible habit of repeating itself, and it will this time as well. 
