Custom logic boards, chipsets, components and economy of scale describe in a nutshell how consoles provide the performance they do at the modest price they command.
I'm not really sure why it remains an exercise to see if a PC builder can produce a gaming PC for the same MSRP as a console that performs similarly or better, other than to support the opinion that one gaming platform is better than another.
The reality is it's the scalability of PC gaming that gives the platform its strength, and that strength lies in the upper echelons as far as cost of build is concerned, not in the low to middling range. I can't speak for anyone but myself, but if I choose to build a gaming PC as my primary platform of choice, I'm not looking to do so by trading economy for performance.
As far as the eternally upgradable PC concept is concerned, every component in a decent PC has a "freshness" dating and past a certain age, one is typically better off starting from scratch. Components like the PSU, HDD, case and optical drive that are typically the only components reused after a major rebuild (new CPU, new motherboard, new RAM, new video card) don't add up to a huge amount of cost savings and should even be replaced with better components as they become available.
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