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If one is happy to game @ 720p with a v-synced 30fps and medium to high settings then a gaming PC is quite affordable. However if you want to play at a high frame rate (50-60fps) with high to ultra settings then it's quite expensive. Obviously the games are cheaper and the digital download deals are excellent. I don't like the lack of gaming toshlink surround sound support though.

I have a decent gaming PC but I still prefer to play on my consoles.