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I completely disagree that PC gaming is much cheaper overall. Yes Humble Bundle and Steam Sales have very cheap games listed but that doesn't mean your going to spend less.

You may get 2 games on console for 60 dollars and maybe on PC you get 10 games for 60 maybe even up to 90$. Obviously you get more for less, that doesn't mean you spend less on games.
I'm just describing my situation, I normally would get 1 console game every 2-3 months that game ranges from 20-60$. Since I've been PC gaming I'll get 5 or more games every 2-3 months and end up spending the same.

When it's all said and done it just depends what you want in regards to hardware. My rig costed 400 with integrated graphics, and bought a GT 7750 for 70$ so 470$ for a Rig that can run most games in 1080 with 30-60 FPS.