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This is true, and untrue, at the same time.

For people who own PCs for regular use:

People upgrade their regular PCs every few years as well. If you decide to turn that regular PC into a gaming machine, it's not expensive at all. You can shoot for very high specs and still get out cheaper than purchasing a $599 PS3 (if you minus the total PC cost from the cost of building your "regular" PC instead).

PC gaming is really only so much more expensive if you aren't actually using your PC as a multimedia device...which a PC is supposed to be.