I am getting a livingroom PC first, and then in a year or so decide on whether or not to get a PS4, console games are very expensive compared to average PC games, so a console has to have a lot of what I want to justify the expense and the online fees. At launch the PS4 does not have enough to tempt me. There is also a huge variety in game play with PC games that consoles can't easily match. Kerbal Space Program on a console would not work well (maybe with a WiiU gamepad), but is awesome on the PC. The PC has a lot of mid range games both price and production quality which can deliver as good a play experience as many of the AAA games I have played.
If money is an issue, you can start with a chaep pc and upgrade it, If you are going the windows route AMD APUs will give you a console like experience for very little money that later on you can add a discrete graphics card to to get amazing performance. Also if you go intel, the i7 is overkill for a gaming machine, very little bang for your buck, a haswell i5 is a great gaming CPU and reasonably priced. I think an i5/Nvidia GTX 760 combo would make an incredible livingroom PC build and kick 1080p's ass, all at a reasonable price (still more than a PS4 mind you). If you are considering a steamOS box avoid AMD GPUs at the moment, the drivers are not very good (A10-6800 is ok but most are hit and miss). AMD seems to be working to change this, but it will take time. I hear AMD drivers on windows are much better.
Anyway that is why I voted PC.







