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I only read the OP and none of the replies but uh.. PC's are cheaper. And more powerful. And though I prefer gaming on consoles since that's where my friends/family are, I can easily admit they make for superior gaming devices as well.

And to be fair, if you're going to include things like a monitor and OS and keyboard for the PC then you should also include a TV for consoles. And don't forget there's no online charge for PC's, and you can ALWAYS get new release games for a lot less.

You can actually build a PC that easily outperforms current gen consoles and save a lot of money in the long run.