I think the overall value goes to PC, but when it comes down to it, many people will see a 400 dollar price tag compared to 700ish dollars for a PC and just get a PS4.
People throw the term "hardcore" around a lot, but to me, PC gaming is the hardest of core, because players have to be savvy about both the hardware and the software. They have to know how to buy parts, know what a good build is for the money to get good value, know how to best toggle the graphics and sound features for each individual system because unlike consoles one size doesn't fit all. There's keyboard and mouse gaming, but game pads (like the 360 controller on Windows) are being supported more and more for the console ports. Oh and PS3 controllers can be supported via software (and are supported natively on my macbook, but why use a macbook for gaming?). And emulators allow for just about any console game to be played via pc, albeit not always at a perfect performance.
How's that relevant to the OP? It means that even though PCs offer more hardcore experiences and more variety than consoles, the reason consoles rule the living room might just be for the convenience and user friendliness the PC lacks. So even if you get a PC that has comparable parts to a PS4 and can run games at higher framerates and higher resolutions, you're going to have to be savvy about how to upgrade the machine. You also can't expect the games to run similarly due to poor optimization compared to consoles (again, since they are once size fits all, the games will exploit the console hardware better and you'll have to pay more on the PC to get a competitive experience).
In the end, it's not solely about the money you save (though that is a big part). Value is not just measured by a price tag. Still, it's what type of experience do you want when you game? Do you want a machine where you can pop in a game and play it with pretty much no barriers? Or do you want the more powerful machine that will cost a little more upfront but necessitates thought and care to get the most out of it.
I myself am lazy and like convenience. I also don't have a lot of money to buy top tier PC parts so I'm a console gamer primarily. I enjoy both and believe that games are more and more going to be released for both mediums, because consoles are becoming optimized gaming PCs. But even if the game offerings and tech is similar (when talking about what the OP wants...I understand PCs will always outclass consoles), I think in the end the experience is always going to be different because of the nature of each medium's strengths and weaknesses.
